Report: OpenAI Business Planning Triggers Doubts Among Some Private Equity Investors

OpenAI is pursuing an aggressive capital strategy to accelerate enterprise AI adoption, offering private equity firms preferred equity stakes with a guaranteed minimum return of 17.5%—substantially higher than rival Anthropic's comparable offer. According to sources familiar with the negotiations, OpenAI is targeting major buyout firms including TPG, Advent International, Bain Capital, and Brookfield Asset Management to form a joint venture with a pre-money valuation of approximately $10 billion. The private equity investors would collectively commit roughly $4 billion in capital and secure board representation and early access to OpenAI's latest enterprise models.

The proposed structure reflects a strategic shift toward embedding AI capabilities across large corporate portfolios controlled by private equity firms. Under the arrangement, TPG would serve as the anchor investor, while the three other firms participate as co-founding investors. This partnership model addresses a critical challenge for both AI companies and private equity: OpenAI gains rapid distribution channels to hundreds of established portfolio companies, while PE firms obtain a defensive hedge against AI-driven disruption of their existing holdings. As noted by BCG X's Matthew Kropp, enterprise AI adoption has become fundamentally a scale game, where success depends less on having the best model today and more on embedding capabilities most deeply across organizations to drive customer switching costs and long-term value.

However, the deal is generating skepticism among institutional investors. Some private equity firms have expressed concerns about the joint venture's profitability profile and OpenAI's underlying unit economics. This hesitation reflects broader market doubts about OpenAI's business model, particularly questions regarding the company's ability to fund its massive AI infrastructure buildout. Reports indicate that despite generating approximately $3.7 billion in annual sales, OpenAI projects losses of $5 billion due to the extraordinary computational costs of running generative AI infrastructure—a dynamic that has triggered increased scrutiny of AI sector valuations and business sustainability.

The competitive race between OpenAI and Anthropic to secure private equity partnerships underscores the urgency both companies face ahead of potential public offerings expected as early as 2026. By locking in enterprise usage at scale through PE portfolios, AI companies aim to establish durable revenue streams and demonstrate market penetration to public market investors. The 17.5% return guarantee represents OpenAI's bid to outcompete Anthropic's terms and secure the capital and distribution capabilities necessary to accelerate go-to-market execution. The outcome of these negotiations will likely signal institutional investor confidence—or lack thereof—in the profitability and scalability of OpenAI's enterprise business model.