Over 600 OpenAI employees sell shares as company nears IPO

More than 600 current and former OpenAI employees have sold their stakes in the company, the Wall Street Journal reported. The sales rank among the largest employee cash-out events in the AI sector.

OpenAI’s valuation has climbed fast. The company was valued at $300 billion in early 2025. It reached $500 billion by October.

In March 2026, it closed a $122 billion funding round at an $852 billion valuation, according to TechCrunch. That makes it the world’s most valuable private company.

Employees have been cashing out for over a year

OpenAI employees sold about $6.6 billion in shares in an October 2025 tender offer backed by Thrive Capital, SoftBank, Dragoneer, MGX, and T. Rowe Price, Reuters reported.

The latest sale involves more than 600 individuals, according to the Wall Street Journal.

OpenAI grants employees an average of $1.5 million in stock compensation, more than seven times what Google paid before its IPO, Cryptopolitan reported in December.

With much of that compensation locked in equity, secondary sales have become one of the few ways for employees to cash out before a public listing.

The spending behind the valuation

OpenAI remains unprofitable, per Data Center Dynamics.

The company has committed to a potential $300 billion Oracle cloud contract over five years and a $22.4 billion deal with CoreWeave. It is also part of the $500 billion Stargate joint venture with SoftBank and Oracle.

OpenAI reports $2 billion in monthly revenue and over 900 million weekly active users, per its March 2026 disclosures cited by TechCrunch. Its business segment now accounts for 40% of revenue, up from 30% a year earlier.

The March round was led by SoftBank, with participation from Andreessen Horowitz, D.E. Shaw Ventures, MGX, TPG, T. Rowe Price, Amazon, Nvidia, and Microsoft.

OpenAI also expanded its revolving credit facility to $4.7 billion.

What the timing says about the IPO

Employees who have held illiquid equity for years can use secondary sales to realize gains before an IPO brings lock-up restrictions.

According to TechCrunch, OpenAI raised $3 billion from retail investors via bank channels in March.

The deal widened its shareholder base ahead of a possible listing.

Meta has stepped up its AI talent push, including an investment in Scale AI and the hiring of Scale’s CEO to lead a new superintelligence unit, Reuters reported.

That makes the compensation scheme of OpenAI vulnerable.

It remains to be seen if $1.5 million stock options would be as effective once more than 600 employees have opted for cash payout.