OpenAI's $122B Raise at $852B Valuation: IPO Rehearsal [2026]
Analysis of OpenAI's record Series F close, its investor lineup, revenue climb, valuation scepticism, earlier rounds, employee share sales, and its path toward a possible public listing.
Investor · 2 deals
Every published round TPG took part in, and every parcel of existing shares it bought off another holder. Deals we hold but haven't published yet are not counted.
| Company | Stage | Announced | Amount | Role | Alongside | Sources |
|---|---|---|---|---|---|---|
| Saluda Medical | Unnamed stage | Apr 2023 | $150m | Participant | SmartCompany, Forbes Australia | |
| PropertyGuru | Unnamed stage | 6 Sep 2020 | $220m | Participant | Startup Daily (Mon 7 Jun 2021), Startup Daily (Sun 6 Sep 2020) |
Companies TPG has backed in a published round, and companies whose existing shares it bought off another holder.
| Company | What it does | First invested | Rounds | Led |
|---|---|---|---|---|
| Saluda Medical | Apr 2023 | 1 | 0 | |
| PropertyGuru | 6 Sep 2020 | 1 | 0 |
Fund closes reported for TPG, as distinct from the investments it has made.
Companies TPG has backed that another company then bought. An exit for the holding, not a deal TPG did.
Stories naming TPG. Where several outlets covered the same round, they are bundled under whichever ran the fullest account.
Analysis of OpenAI's record Series F close, its investor lineup, revenue climb, valuation scepticism, earlier rounds, employee share sales, and its path toward a possible public listing.
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