OpenAI offers enhanced terms to private equity in enterprise AI push

OpenAI is offering enhanced financial terms to private equity firms as it seeks to secure partnerships to accelerate enterprise adoption of its technology, intensifying competition with Anthropic, according to a report by Reuters citing people familiar with the matter.

The company is proposing preferred equity stakes with a minimum return of around 17.5%, alongside early access to its latest models and additional protections including seniority and downside safeguards.

The structure is designed to attract investors such as TPG and Advent International into joint ventures focused on deploying AI across portfolio companies. OpenAI is also reportedly in advanced talks with private equity firms to raise about $4bn at a pre-money valuation of roughly $10bn.

Anthropic is pursuing a similar strategy, targeting firms including Blackstone, Hellman & Friedman, and Permira, but is reportedly not offering comparable financial incentives.

The joint venture model reflects a broader race among AI providers to secure long-term enterprise clients, with customised deployments creating high switching costs and embedding platforms deeply within corporate operations.

However, some private equity firms have opted not to participate, citing concerns over economics, flexibility and the long-term profit profile of such structures. Thoma Bravo is among those understood to have declined involvement following internal discussions, with questions raised over incremental value given existing access to AI tools.