原文標題： OpenAI wraps $6.6 billion share sale at $500 billion valuation 原文連結：https://tinyurl.com/peyema86 發布時間：Thu, Oct 2 2025 2:05 AM EDT 記者署名：MacKenzie Sigalos 原文內容： 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. 據知情人士透露，OpenAI 已完成一筆總額 66 億美元 的二級股份出售，允許現任與前任 員工以 5000 億美元的創紀錄估值 出售其持股。 Bloomberg was first to report that the deal had closed. 彭博社率先報導了該交易的完成。 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 就報導 OpenAI 計劃以 5000 億美元估值 進行二級股份出售，投資方包 括 Thrive Capital、軟銀 (SoftBank)、Dragoneer Investment Group、阿布達比的 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. 儘管 OpenAI 批准的出售額度高達 103 億美元（高於最初設定的 60 億美元 目標），但 最終僅約 三分之二 的份額完成交易。 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，雖然交易參與率低於預期，但公司內部將其視為對 長期前景的信心表態 ，同時也顯示投資人對 OpenAI 的興趣依舊強烈，即便估值已從今年稍早的 3000 億美元 飆升至 5000 億美元。 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. 該出售計畫於 9 月初 向合格的現任與前任員工提出，參與資格僅限持股 超過兩年 的人 員。 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. 這筆股份出售是 OpenAI 在 不到一年內的第二次重大要約收購，繼去年 11 月與軟銀達 成 15 億美元交易 之後。 This latest transaction cements OpenAI’s status as the world’s most valuable privately held company, surpassing SpaceX’s valuation of $456 billion. 這筆最新交易確立了 OpenAI 作為 全球最具價值的私人公司 的地位，超越了 SpaceX 的 4560 億美元估值。 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. 這次出售也發生在 AI 人才競爭加劇 的背景下。據報導，Meta 特別提出了 九位數美元 級別的薪酬方案 來挖角頂尖研究員。 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 與 SpaceX、Stripe、Databricks 等一批高知名度新創公司一樣，透過二級市場 出售讓員工在 公司仍保持私有化狀態下變現。這一舉措被廣泛視為一種 留才與獎勵長期 員工 的策略，而不是立即推動 IPO。 心得/評論： 參與率低不是投資者信心不足 反而更可能反映出 員工對 OpenAI 未來的樂觀 但這也隱含風險 如果公司在 2026 年前營收增速放緩 員工可能就會大舉套現，屆時估值壓力才會顯現 --

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