SoftBank is planning to buy up to $1.5bn worth of stock in OpenAI to bolster its position in the $150bn artificial intelligence company as Masayoshi Son seeks to position the Japanese group as an artificial intelligence leader.
SoftBank will buy the shares through a tender offer, a mechanism which allows current and former OpenAI employees who have held their stock for more than two years to sell, according to two people familiar with the situation. The deal is set to close early next year.
The tender offer, first reported by CNBC, prices employee stock according to OpenAI’s last funding round, which was completed last month. That $6.6bn fundraise valued the company at $150bn.