Khosla Ventures Facilitates $405M Investment in OpenAI Through SPV
A recent regulatory filing reveals that Khosla Ventures has raised $405 million for OpenAI, the creator of ChatGPT. This investment represents at least 6% of OpenAI’s massive $6.6 billion funding round closed last week, which valued the AI giant at $157 billion.
The SPV Funding Mechanism Explained
Key insights about this transaction:
- Not necessarily Khosla’s own capital: The majority (or potentially all) of this $405 million was pooled from other investors through a Special Purpose Vehicle (SPV)
- Why use an SPV? These financial structures are commonly used when:
- A venture firm lacks sufficient capital to fill a round
- The firm wants to share investment opportunities with other interested parties
- Market context: SPVs have become increasingly popular for high-demand AI investments, as seen with other hot AI companies
Khosla’s History with OpenAI
While Khosla Ventures declined to comment on the specific terms of this latest investment, their track record with OpenAI is noteworthy:
- 2019 investment: $50 million for what The Information reported as 5% ownership
- Valuation growth: From an undisclosed valuation in 2019 to:
- \(29 billion in 2023 (when Microsoft invested \)10 billion)
- $157 billion in the current round
This strategic move demonstrates how venture firms can leverage SPVs to participate in high-value funding rounds while managing their own exposure and providing access to other investors seeking stakes in leading AI companies.
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