Altman Returns to OpenAI 'Resumes Fundraising Efforts'... Differences in Valuation Expectations

"Will the 112 Trillion Won Corporate Value Be Maintained?"

Sam Altman, CEO of OpenAI.
Photo by Reuters Yonhap News

With the surprise reinstatement of OpenAI's CEO Sam Altman, who had been abruptly fired, OpenAI has resumed its fundraising efforts.

On the 26th (local time), major foreign media outlets reported, citing multiple sources, that OpenAI would restart the sale of its shares, which had been halted immediately after Altman's dismissal. The share sale, led by venture capital firm Strive Capital, was aimed to be completed next month but was abruptly stopped due to Altman's firing. Employees who held shares were also able to sell them at the time, and those who missed the opportunity to cash out at high prices reportedly became very angry due to the cancellation of the sale plan and the potential valuation losses caused by the company's declining value.

Concerns have been raised that the unclear governance caused by the firing incident during this fundraising process could lower the company's valuation. Anit Alonbek, associate professor of corporate governance at Case Western Reserve University School of Law, pointed out, "OpenAI has clearly suffered a significant blow to its corporate value," adding, "If appropriate measures (such as reforms) are not implemented, it will be difficult to predict the future direction of the company's value."

Foreign media also noted that as OpenAI experiences customer attrition and brand value damage due to this incident, other big tech companies like Google, Amazon, and Meta?though latecomers?may benefit from a relatively stabilized governance structure and gain a competitive advantage.

OpenAI's corporate valuation, assessed during the previous secondary share sale, was $86 billion (approximately 112 trillion KRW). This ranks as the third highest valuation among global unicorn startups, following China's ByteDance ($225 billion) and Elon Musk's space company SpaceX ($150 billion), among private companies.

Vinod Khosla of Khosla Ventures, an early investor in OpenAI, stated, "Since corporate valuation is a function of investor perception, OpenAI's valuation could remain at the same level as before Altman's firing or even increase." A British foreign media outlet reported, "The key will be whether OpenAI can successfully raise funds while maintaining its previous valuation during the renewed secondary share sale process." In January, OpenAI was valued at $29 billion during the process of securing a new investment of $10 billion from Microsoft (MS), the largest single investment amount.

On the 17th, OpenAI's board shocked the global tech industry by abruptly firing the de facto leader Altman and appointing a new interim CEO. Following the board's unilateral decision, 95% of the employees announced a collective resignation, and investors strongly opposed the move. As the backlash intensified, the board agreed within five days to Altman's reinstatement and a complete overhaul of the board.

This content was produced with the assistance of AI translation services.