TMTPOST --   OpenAI is taking an ownership stake in Thrive Holdings, an investment vehicle established by Thrive Capital, intensifying scrutiny over circular dealmaking that critics say may artificially inflate the artificial intelligence ( AI ) sector. The arrangement marks another instance where the ChatGPT maker exchanges services for equity with entities closely tied to its own investor base.

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The partnership, announced Monday, involves OpenAI embedding research and engineering teams within Thrive Holdings' portfolio companies to accelerate   AI adoption in accounting and IT services. Thrive Capital, which invested more than $1 billion in OpenAI in late 2024, launched Thrive Holdings earlier this year specifically to acquire and transform service providers using artificial intelligence. OpenAI is not investing cash but receiving a stake in return for providing access to its technology and personnel.

According to a person close to the deal cited by the Financial Times   ( FT ) , OpenAI is "very much interested in working more broadly with the private equity industry." The arrangement is designed to align incentives over time, with OpenAI's stake growing as Thrive Holdings' companies succeed. The deal also grants OpenAI access to company data for training its AI models.

The move escalates concerns about an increasingly complex web of transactions connecting OpenAI with its investors, suppliers, and customers. Investors and analysts have scrutinized arrangements where tech companies swap financing and services, questioning whether such circular deals are propping up AI valuations.

OpenAI has struck multiple deals in recent months that blur traditional boundaries between investor, customer, and partner. The company agreed to invest as much as $100 billion with Nvidia Corp. to fund data-center buildouts while committing to purchase millions of Nvidia chips. Weeks later, it inked a partnership with Nvidia rival Advanced Micro Devices Inc. involving tens of billions of dollars' worth of chips, potentially making OpenAI one of AMD's largest shareholders.

In May, OpenAI acquired io, a device start-up run by former Apple executive Jonny Ive, for $6.5 billion in an all-stock deal that required no cash outlay. The company has also taken stakes in infrastructure partners like CoreWeave.

Founded in 2010 by Joshua Kushner, Thrive Capital is known for making concentrated bets and holding investments long-term. The firm first invested in OpenAI in 2023 at a   $27   billion   valuation, then led a   $6.6   billion funding round that valued the   company   at $157 billion.   OpenAI ’ s valuation has since   surged   to $500 billion   in October.

Thrive Holdings, launched in April, follows a private equity playbook of acquiring companies in sectors "core to the real economy." The vehicle raised $1 billion initially and operates independently, though it shares investors with Thrive Capital. FT cited a   person close to Thrive described the arrangement as OpenAI effectively becoming the "research arm" of Thrive Holdings.

The partnership reflects OpenAI's strategic shift toward business customers. Chief Operating Officer Brad Lightcap said he hopes the collaboration "serves as a model for how businesses and industries around the world can deeply partner with OpenAI."

CEO Sam Altman recently announced a "huge focus on leaning into enterprise" from the company's consumer base. ChatGPT has approximately 800 million weekly users and 1 million enterprise customers, including Spotify, Canva, and Zillow. OpenAI also announced Monday a collaboration with Accenture to roll out ChatGPT Enterprise to tens of thousands of employees.