OpenAI offers private placement "17.5% Guaranteed Return + New Model Early Access" to seize the enterprise market, while Anthropic cannot provide the same terms

According to 1M AI News monitoring, OpenAI is offering preferred equity to a private placement company, with a minimum guaranteed return of 17.5%, along with priority access to the latest AI models and preferential pay-out order over other partners. OpenAI is in discussions with TPG and Advent International to join its joint venture, aiming to raise about $4 billion with a pre-money valuation of around $10 billion.

Anthropic is also employing a similar strategy to attract private partners, reaching out to Blackstone, Hellman & Friedman, and Permira, but its proposal does not offer a similar guaranteed return. At least two private placements have opted not to participate in the OpenAI scheme, with one of them, Thoma Bravo, one of the world's largest software acquisition funds, withdrawing after internal discussions led by managing partner Orlando Bravo. The reason cited was that their portfolio companies are already deploying AI tools, raising doubts about the joint venture's long-term profitability.

Both companies are preparing for a potential IPO. The joint venture structure can absorb the high initial costs of deploying engineering-customized models, alleviate pre-IPO financial pressures, and provide a clearer segmented revenue narrative for the IPO.