OpenAI Inc. and Anthropic PBC Compete for Private Equity Ventures

AI developers OpenAI Inc. and Anthropic PBC are competing to establish joint ventures with private equity firms to scale the deployment of enterprise AI tools. These ventures are designed to secure growth capital and shift the high costs of model customization off the companies' primary balance sheets as both prepare for potential public listings this year.

OpenAI Inc. is aggressively pursuing approximately $4 billion at a $10 billion pre-money valuation. To attract investors such as TPG, Advent International, Bain Capital, and Brookfield Asset Management, OpenAI Inc. is offering preferred equity stakes with a guaranteed minimum return of 17.5% and early access to new models.

Anthropic PBC is pursuing a similar strategy, courting firms including Blackstone, Hellman & Friedman, and Permira. While Anthropic PBC aims to expand its enterprise footprint through these partnerships, reports indicate it has not offered financial guarantees comparable to those of OpenAI Inc.

Not all private equity firms are interested in the proposed structures. Thoma Bravo declined to participate in ventures with either company. Managing partner Orlando Bravo raised concerns regarding the long-term profit profiles of these joint ventures, noting that many portfolio companies already utilize AI tools independently.