Microsoft-backed OpenAI valued at $80bn after company completes deal

Company to sell existing shares in tender offer' led by venture firm Thrive Capital, in similar deal as early last year

Microsoft-backed OpenAI has completed a deal that values the artificial intelligence company at $80bn or more, the New York Times reported on Friday, citing multiple people with knowledge of the deal.

The company would sell existing shares in a so-called tender offer led by venture firm Thrive Capital, the report said. Employees will be able to cash out their shares of the company rather than a traditional funding round, which would raise money for the business, the report added.