Recently, Khosla Ventures disclosed through a regulatory filing that it has raised $405 million for OpenAI. This funding has sparked curiosity about how much Khosla holds in this round of financing. According to the filing, Khosla Ventures' stake in OpenAI, the manufacturer of ChatGPT, appears to be at least 6%, calculated based on the $6.6 billion financing that OpenAI has just completed.
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However, it is important to note that this does not necessarily mean Khosla Ventures has invested a significant amount in this round, or even any money at all. The majority, if not all, of the $405 million was pooled from other investors through a Special Purpose Vehicle (SPV). SPVs are commonly used when investment companies do not have enough funds to fill a financing round, or when the investment company already has sufficient exposure in a company and offers its share to others eager to invest.
Regarding the participation terms of Khosla Ventures in OpenAI's last round of financing, they have not disclosed any information, so we cannot clearly understand their specific investment conditions.
It is worth mentioning that OpenAI's valuation in this round of financing is as high as $157 billion, which seems to be a good opportunity for Khosla Ventures.
Recall in 2019, Khosla Ventures invested $50 million in OpenAI, holding about 5% of the shares at that time. Although OpenAI's valuation was not publicly disclosed then, it is reasonable to speculate that it was much lower than the $29 billion valuation achieved by OpenAI in 2023, which was due to Microsoft's investment of $10 billion.
Key Points:
🌟 Khosla Ventures raised $405 million for OpenAI through an SPV.
💰 Khosla's shareholding ratio in OpenAI's latest round of financing is at least 6%.
🚀 OpenAI's valuation in the recent financing is as high as $157 billion, and Khosla invested $50 million in 2019.