OpenAI buys back $7B of employee stock at a flat $852B valuation, funding the tender itself

Bloomberg reported on 10 August 2026 that OpenAI completed a $7 billion tender offer for shares held by current and former employees, at an $852 billion valuation — unchanged from the March 2026 round that raised roughly $122 billion. No outside buyers took part; OpenAI funded the buyback from its own balance sheet, which keeps new holders off the cap table ahead of a listing. The company filed confidentially with the SEC in June 2026.

What it means A flat valuation plus a self-funded liquidity round reads as "no rush to list" — useful calibration if you are pricing an AI product against an assumed OpenAI IPO event this year.