OpenAI is in advanced discussions with several major private equity firms to establish a joint venture designed to accelerate enterprise adoption of its artificial intelligence tools, according to reports from Reuters.
According to people familiar with the negotiations, the proposed venture would involve firms including TPG, Advent International, Bain Capital, and Brookfield Asset Management. The initiative could carry a pre-money valuation of about $10 billion.
Under the proposed structure, the participating private equity firms would collectively commit roughly $4 billion in capital in exchange for equity stakes and board representation in the venture. TPG is expected to act as the anchor investor, contributing the largest share of capital, while the other firms would participate as co-founding partners.
The venture would distribute OpenAI’s enterprise products across companies owned by the private equity firms and potentially beyond their existing portfolios. The arrangement would also give the investors early access to OpenAI’s technology as they seek to prepare their portfolio companies for increasing AI disruption.
Competition With Anthropic for Enterprise Influence
OpenAI and its rival Anthropic are both actively pursuing relationships with private equity groups, which control large networks of companies and influence corporate technology spending.
Anthropic is reportedly exploring a similar joint venture structure with firms including Blackstone, Permira, and Hellman & Friedman to deploy its Claude AI platform across portfolio companies. That proposed partnership could involve approximately $1 billion in equity investment.
The structure of the deals differs, however. OpenAI is reportedly offering preferred equity, which gives investors priority returns and downside protection, while Anthropic is offering common equity.
Driving Enterprise AI Adoption
The potential joint venture could also support the rollout of OpenAI’s enterprise platform Frontier, which anchors the company’s broader Frontier Alliances program. Through this initiative, OpenAI pairs engineers with consulting firms such as BCG, McKinsey, Accenture, and Capgemini to help organizations integrate AI agents into core operations.
“As demand for AI continues to skyrocket, we want to help our customers deploy these technologies in all the ways that help them create impact,” said Fidji Simo, CEO of Applications at OpenAI.
OpenAI’s enterprise business has grown rapidly. Sources say it generated approximately $10 billion of the company’s $25 billion in annualized revenue as of last month.
The talks remain ongoing, and no final agreement has been reached. If completed, the partnership could create one of the largest AI-focused distribution networks for enterprise software through the private equity ecosystem.
