OpenAI完成70億美元員工股份回購交易，爲員工提供套現渠道。此次由公司直接回購股份，未引入外部投資者，與此前邀約Thrive Capital、軟銀等參與的做法不同。交易估值維持8520億美元，與3月融資一致。
AI軍備競賽推動重資產融資創新。谷歌母公司Alphabet擬發行2至40年期債券，籌資200–250億美元，其中40年期利率較國債高1.3個百分點，旨在爲AI研發與算力投入提供鉅額彈藥。
OpenAI CEO山姆·奧爾特曼被曝持有與公司業務相關的多家企業資產超20億美元，引發馬斯克、美國多州總檢察長及國會對其“自我交易”和不當獲利的質疑。儘管他聲稱不直接持有OpenAI股份，但通過風投佈局積累了鉅額財富。
軟銀集團將原計劃以OpenAI股份抵押的100億美元貸款規模下調40%至60億美元，貸款期限兩年並附一年延期選項。融資縮減反映部分債權人對未上市巨頭OpenAI股權定價缺乏信心，因非公開交易資產存在估值穩定性、處置效率及流動性不確定性。
Openai
$2.8
輸入tokens/百萬
$11.2
輸出tokens/百萬
1k
上下文長度
$7.7
$30.8
200
-
$0.4
128
$8.75
$70
400
$1.75
$14
$0.35
$0.63
$3.15
131
$17.5
$56
$0.7
Alibaba
$2
32
$525
$1050
Deepseek
8
$3.5
$10.5
16
$105
$420
Moonshot
$200
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