Thrive Scored a $1B OpenAI Bet at a Massive Discount
Thrive Capital invested $1B in OpenAI at $285B — roughly a third of its separate $830B fundraising valuation.
Joshua Kushner's Thrive Capital pulled off one hell of a deal. The firm invested $1 billion in OpenAI in 2025 at a $285 billion valuation — while the AI giant was simultaneously raising money elsewhere at a staggering $830 billion valuation.
That means Thrive effectively got in at about a third of the going price.
The transaction was structured like a call option, giving Thrive a unique entry point that most investors could only dream about. The gap between the two valuations is remarkable — nearly $550 billion separates Thrive's deal from the broader fundraising round.
How Thrive locked in such favorable terms remains unclear, but the firm has been an early and consistent OpenAI backer. At $830 billion, OpenAI sits among the most valuable private companies ever. Thrive just bought that exposure at a steep, steep discount.