OpenAI完成70亿美元员工股份回购交易，为员工提供套现渠道。此次由公司直接回购股份，未引入外部投资者，与此前邀约Thrive Capital、软银等参与的做法不同。交易估值维持8520亿美元，与3月融资一致。
AI军备竞赛推动重资产融资创新。谷歌母公司Alphabet拟发行2至40年期债券，筹资200–250亿美元，其中40年期利率较国债高1.3个百分点，旨在为AI研发与算力投入提供巨额弹药。
OpenAI CEO山姆·奥尔特曼被曝持有与公司业务相关的多家企业资产超20亿美元，引发马斯克、美国多州总检察长及国会对其“自我交易”和不当获利的质疑。尽管他声称不直接持有OpenAI股份，但通过风投布局积累了巨额财富。
软银集团将原计划以OpenAI股份抵押的100亿美元贷款规模下调40%至60亿美元，贷款期限两年并附一年延期选项。融资缩减反映部分债权人对未上市巨头OpenAI股权定价缺乏信心，因非公开交易资产存在估值稳定性、处置效率及流动性不确定性。
Openai
$2.8
输入tokens/百万
$11.2
输出tokens/百万
1k
上下文长度
$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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