OpenAI Uses 17.5% Guaranteed Return + Priority Access to New Models to Compete for Private Equity Market; Anthropic Can't Match Conditions

OpenAI is offering preferred equity to private equity firms, including a guaranteed minimum return of 17.5%, priority access to the latest AI models, and priority repayment order. It is currently negotiating joint ventures with TPG and Advent International, targeting a funding of about $4 billion with a pre-money valuation of $10 billion.

Anthropic is also competing for private equity partners, contacting institutions like Blackstone, but does not offer similar guaranteed returns. Some private equity firms have chosen to decline OpenAI's plan; for example, Thoma Bravo withdrew due to doubts about the long-term profit prospects of the joint venture.

Both companies are preparing for potential IPOs. The joint venture structure can share the upfront costs of model customization, reduce financial pressure before listing, and provide a clearer segment revenue narrative for the IPO.