OpenAI has sold $6.6 billion in shares held by current and former employees, according to a new report from Bloomberg . The sale pushed OpenAI’s total valuation to $500 billion, the highest ever achieved by a privately held company. Purchasers included SoftBank, Dragoneer Investment Group, Thrive Capital, MGX, and T. Rowe Price, the report said.

The sale was not a conventional funding round, as the cash went to individuals holding shares or options in OpenAI rather than the company’s own coffers. Still, it’s a powerful retention tool for the company, which has faced significant pressure from Meta’s newly revitalized AI lab. This summer, Meta poached at least seven top engineers from OpenAI , often luring them away with multi-million dollar signing bonuses .

OpenAI’s most recent fun

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