Khosla Ventures just backed OpenAI with $405M more, but not necessarily with its own capital

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Khosla Ventures has raised $405 million for OpenAI, according to a regulatory filing.

Based on the filing alone, Khosla’s stake in the ChatGPT maker appears to be at least 6% of the $6.6 billion round the company closed last week. But that doesn’t mean Khosla has put substantial or any capital into the round. The majority or possibly all of the $405 million was pooled from other investors through a special purpose vehicle, or an SPV.

SPVs are used when a firm doesn’t have enough capital to fill a round, or when it has enough exposure to a company and offers its allocation to others clamoring for a stake.

Khosla Ventures declined to comment, so we don’t know the terms of its participation in OpenAI’s last round, which valued the firm at $157 billion. Either way, OpenAI has been good to Khosla Ventures, which invested $50 million in the company in 2019, for what The Information has since reported was 5% ownership. OpenAI’s valuation at the time isn’t publicly known, but likely it was significantly lower than the $29 billion valuation OpenAI reportedly garnered in 2023, when Microsoft invested $10 billion.



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Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

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