OpenAI completes deal that values company at $80 billion

OpenAI has completed a deal that values the San Francisco artificial intelligence company at $80 billion or more, nearly triple its valuation in less than 10 months, according to three people with knowledge of the deal.

The company would sell existing shares in a so-called tender offer led by venture firm Thrive Capital, the people said. The deal lets employees cash out their shares in the company, rather than a traditional funding round that would raise money for business operations.