OpenAI is in early discussions on a secondary share sale that could value the ChatGPT developer at about $500 billion, according to people familiar with the matter. The proposed transaction would allow current and former employees to sell several billion dollars’ worth of equity while bringing in additional investors, with existing backer Thrive Capital among those considering participation. The prospective price tag represents a sharp increase from the $300 billion valuation attached to a $40 billion primary funding round announced earlier this year and led by SoftBank Group. That round, which has yet to close, would supply most of the fresh capital OpenAI needs for its expansion, while the contemplated secondary sale would provide liquidity for staff and help reset the company’s market value. OpenAI’s rapid growth is underpinning investor appetite. The Microsoft-supported firm doubled revenue in the first seven months of 2025, reaching an annualized run-rate of roughly $12 billion, and management projects the figure could climb to $20 billion by year-end. Weekly active users of ChatGPT have risen to about 700 million, up from 400 million in February, highlighting the platform’s widening adoption. Management is also weighing a restructuring that would move the business away from its current capped-profit model, potentially clearing the way for an eventual initial public offering. Chief Financial Officer Sarah Friar has said OpenAI will consider an IPO once both the company and market conditions are ready. The secondary sale talks remain preliminary, and terms could change.