OpenAI deployed its own cash reserves to repurchase roughly $7 billion in employee-held shares, bypassing external investors in the process. The move keeps the company’s valuation flat at $852 billion and preserves a clean cap table ahead of a potential public listing. CEO Sam Altman told staff in June he expects an IPO within the next year, though some reports point to a possible delay into 2027. The strategy comes amid an intensifying price war with Anthropic, as both companies cut customer prices while infrastructure costs continue to climb.
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