OpenAI is offering private-equity firms enhanced financial incentives and early access to its latest models as it competes with Anthropic to secure large-scale enterprise partnerships, according to people familiar with the discussions.
As per the exclusive Reuters report, The company is proposing joint venture structures that include a guaranteed minimum return of 17.5% for participating investors. This level of return exceeds typical preferred investment instruments and is intended to attract major buyout firms such as TPG and Advent.
In addition to financial incentives, OpenAI is offering early access to its newest AI models, positioning the partnerships as both investment opportunities and strategic distribution channels. The goal is to accelerate adoption of its enterprise AI products across portfolios of companies owned by private-equity firms.
Race for Enterprise Adoption
Both OpenAI and Anthropic are pursuing similar joint venture strategies, aiming to deploy AI tools across hundreds of established businesses controlled by buyout firms. These partnerships would allow rapid scaling of enterprise AI usage while creating long-term customer relationships.
Industry analysts note that once AI systems are integrated into a company’s operations, switching providers becomes difficult. This creates a strong incentive for AI firms to secure early, large-scale adoption through institutional partners.
OpenAI’s recent push reflects a broader effort to strengthen its position in the enterprise market, where Anthropic has traditionally held an advantage. By contrast, Anthropic’s proposed deals reportedly do not include guaranteed returns, focusing instead on product capabilities and deployment support.
The joint venture model also addresses the high upfront costs associated with enterprise AI deployment. These costs often include customization, integration, and ongoing support from engineering teams. By sharing these expenses with investors, AI companies can reduce financial pressure while expanding their customer base.
Investor Skepticism and Strategic Considerations
Despite the aggressive incentives, not all private-equity firms are participating. Some investors have expressed concerns about the long-term profitability and flexibility of such partnerships.
At least two firms declined involvement after evaluating the structure of the deals. Concerns include whether the guaranteed returns are sustainable and whether the partnerships limit strategic options for portfolio companies that may already have access to AI tools independently.
In some cases, private-equity firms already maintain direct relationships with AI providers, reducing the need to commit capital through joint ventures. This has raised questions about the added value of the proposed arrangements.
The competition between OpenAI and Anthropic highlights a shift in how AI companies are approaching growth. Rather than relying solely on direct sales, they are leveraging financial partnerships to accelerate distribution and lock in enterprise customers.
The strategy comes as both companies position themselves for potential public listings. Expanding enterprise adoption and demonstrating recurring revenue streams are key factors that could strengthen their market positioning ahead of any IPO.