OpenAI overtakes SpaceX to become world’s most valuable startup – FT
Photo: OpenAI founder Sam Altman (Getty Images)
OpenAI has completed a deal that values the company at $500 billion. This allows it to surpass Elon Musk's SpaceX and become the most valuable private company in the world, according to the Financial Times.
The sale of secondary shares allows current and former OpenAI employees to sell approximately $6.6 billion of their shares, according to a person close to the company.
In July, Elon Musk's SpaceX was valued by investors at $400 billion.
OpenAI was previously valued at $300 billion as part of a $40 billion financing round led by Japan's SoftBank Group in March.
A few months later, management began discussing with investors the sale of employee shares at a significantly higher valuation, according to sources familiar with the startup's plans.
Who bought shares
Employees sold their shares to investors, including Thrive Capital, SoftBank, Dragoneer Investment Group, MGX from Abu Dhabi, and T Rowe Price, the source said.
OpenAI allowed employees to sell up to $10 billion of their shares, but many decided not to sell, the source said, explaining that this was due to the employees' confidence in the company's future. According to the source, investors wanted to purchase more than $10 billion worth of shares.
Demand for artificial intelligence
The sale of shares demonstrates investors' high interest in AI startups. Investors are investing in promising companies, hoping that the industry leader will eventually be valued at trillions of dollars.
Last month, chipmaker Nvidia announced plans to invest up to $100 billion in OpenAI in exchange for the startup's use of up to 10 gigawatts of computing power using Nvidia AI chips.
OpenAI's financial indicators
Since the launch of the ChatGPT chatbot at the end of 2022, OpenAI's annual recurring revenue — a measure of expected subscription revenue often used by startups — has grown to $12 billion.
The company projects that by the end of 2025, its annual recurring revenue will exceed $20 billion, according to a person familiar with OpenAI's financials.
Difference between private and public company
A private company is an organization whose shares are owned by a limited number of investors, such as founders, venture capitalists, or private investors. These shares are not traded on stock markets, and the company is not required to disclose financial information to the general public. Private companies often have a more flexible management structure and fewer regulatory requirements.
A public company is an organization whose shares are listed on stock exchanges and available for purchase by the general public. Public companies are subject to strict reporting and disclosure requirements, which provide transparency for investors. They can raise capital by selling shares or bonds on financial markets.
Largest public companies
As of September 2025, the world's largest companies by market capitalization are:
NVIDIA - market capitalization of $3.3 trillion. NVIDIA continues to dominate the graphics processor and artificial intelligence computing platform segments.
Apple - market capitalization of $3.0 trillion. The company continues to dominate the consumer technology sector thanks to steady demand for iPhones and service subscriptions.
Microsoft - market capitalization of approximately $2.8 trillion. Microsoft is strengthening its position in cloud services and enterprise software, as well as actively developing artificial intelligence.
