原文标题：
OpenAI wraps $6.6 billion share sale at $500 billion valuation
原文连结：https://tinyurl.com/peyema86
发布时间：Thu, Oct 2 2025 2:05 AM EDT
记者署名：MacKenzie Sigalos
原文内容：
OpenAI has finalized a secondary share sale totaling $6.6 billion, allowing
current and former employees to sell stock at a record $500 billion valuation,
according to a person familiar with the transaction.
据知情人士透露，OpenAI 已完成一笔总额 66 亿美元 的二级股份出售，允许现任与前任
员工以 5000 亿美元的创纪录估值 出售其持股。
Bloomberg was first to report that the deal had closed.
彭博社率先报导了该交易的完成。
CNBC reported in August that OpenAI was looking to conduct a secondary share
sale at a valuation of $500 billion, with investors including Thrive Capital,
SoftBank, Dragoneer Investment Group, Abu Dhabi’s MGX, and T. Rowe Price.
早在八月，CNBC 就报导 OpenAI 计划以 5000 亿美元估值 进行二级股份出售，投资方包
括 Thrive Capital、软银 (SoftBank)、Dragoneer Investment Group、阿布达比的 MGX
，以及 T. Rowe Price。
While OpenAI had authorized up to $10.3 billion in shares for sale — an
increase from the original $6 billion target — only about two-thirds of that
amount ultimately changed hands.
尽管 OpenAI 批准的出售额度高达 103 亿美元（高于最初设定的 60 亿美元 目标），但
最终仅约 三分之二 的份额完成交易。
The person briefed on internal discussions said that lower participation is
being viewed internally as a vote of confidence in the company’s long-term
prospects, and a sign that investor appetite remains strong, even at a $500
billion valuation — up sharply from $300 billion earlier this year.
知情人士表示，虽然交易参与率低于预期，但公司内部将其视为对 长期前景的信心表态
，同时也显示投资人对 OpenAI 的兴趣依旧强烈，即便估值已从今年稍早的 3000 亿美元
飙升至 5000 亿美元。
The offer was presented to eligible current and former employees in early
September, with participation open to those who had held shares for more than
two years.
该出售计画于 9 月初 向合格的现任与前任员工提出，参与资格仅限持股 超过两年 的人
员。
The share sale marks OpenAI’s second major tender offer in less than a year,
following a $1.5 billion deal with SoftBank in November.
这笔股份出售是 OpenAI 在 不到一年内的第二次重大要约收购，继去年 11 月与软银达
成 15 亿美元交易 之后。
This latest transaction cements OpenAI’s status as the world’s most valuable
privately held company, surpassing SpaceX’s valuation of $456 billion.
这笔最新交易确立了 OpenAI 作为 全球最具价值的私人公司 的地位，超越了 SpaceX 的
4560 亿美元估值。
The sale also comes amid intensifying competition for AI talent. Meta, in
particular, has reportedly offered nine-figure compensation packages in a bid
to recruit top researchers.
这次出售也发生在 AI 人才竞争加剧 的背景下。据报导，Meta 特别提出了 九位数美元
级别的薪酬方案 来挖角顶尖研究员。
OpenAI is among a growing cohort of high-profile startups — including SpaceX,
Stripe, and Databricks — using secondary sales that allow employees to cash
out while staying private. The move is widely seen as a strategy to retain
talent and reward long-term employees without pursuing an IPO.
OpenAI 与 SpaceX、Stripe、Databricks 等一批高知名度新创公司一样，透过二级市场
出售让员工在 公司仍保持私有化状态下变现。这一举措被广泛视为一种 留才与奖励长期
员工 的策略，而不是立即推动 IPO。
心得/评论：
参与率低不是投资者信心不足
反而更可能反映出 员工对 OpenAI 未来的乐观
但这也隐含风险
如果公司在 2026 年前营收增速放缓
员工可能就会大举套现，届时估值压力才会显现