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.
Elon Musk is expected to close a $5bn funding round for his AI start-up xAI this week, to value the year-old group at $45bn, while OpenAI’s valuation has nearly doubled this year. Last week, rival Anthropic received a second $4bn investment from Amazon. Son has publicly expressed his admiration for Sam Altman and has said he frequently talks to the OpenAI chief executive. The tech investor has been seeking a larger stake in the company, according to people familiar with the matter.