Thrive Capital, SoftBank, Dragoneer Investment Group, MGX, and T.Rowe Price Associates completed the acquisition of a minority stake in OpenAI, for $6.6bn.

Thrive Capital, an investment firm, SoftBank, a Japanese multinational investment holding company, Dragoneer Investment, a growth equity firm, MGX, a state-owned investment firm, and T.Rowe Price Associates, a global asset management company, completed the acquisition of a minority stake in OpenAI, a generative artificial intelligence company, for $6.6bn. Secondary sales don’t provide the companies that organize them with new capital. However, the valuation increase the transaction delivered could still provide financial benefits for OpenAI. Notably, the deal may make it easier for OpenAI to ink more all-stock acquisitions. The greater the value of a company’s shares, the fewer of them it must issue to finance acquisitions.