NEW YORK, March 16 - OpenAI is in advanced talks with TPG, Advent International, Bain Capital, and Brookfield Asset Management to form a joint venture distributing its enterprise AI products across their portfolio companies.
The venture carries a $10 billion pre-money valuation. Private equity investors would commit $4 billion for equity stakes and board seats, with TPG serving as anchor investor.
OpenAI is offering preferred equity - granting priority returns and downside protection - unlike Anthropic’s common equity offering in parallel talks with Blackstone, Permira, and Hellman & Friedman.
The deal aims to scale deployment of OpenAI’s Frontier platform, launched last month as the core of its Frontier Alliances program with BCG, McKinsey, Accenture, and Capgemini.
Anthropic currently leads in enterprise AI adoption, with OpenAI’s enterprise revenue at $10 billion of its $25 billion annualized total.
Neither OpenAI nor the PE firms commented. Sources spoke anonymously due to the confidential nature of negotiations.