Fight for the enterprise AI market! OpenAI plans to team up with top private equity firms to establish a hundred-billion-dollar joint venture.

On March 17, according to U.S. media reports, leading artificial intelligence company OpenAI is in in-depth negotiations with several top private equity firms to establish a joint venture valued at approximately $10 billion. The main goal is to promote the deployment of OpenAI’s enterprise-level AI products within private equity investment portfolios and broader business scenarios. As of press time, OpenAI and the involved investment institutions have not issued official statements regarding the negotiations.

Why collaborate?

It is understood that the institutions OpenAI plans to partner with include TPG, Bain Capital, Advent International, and Brookfield Asset Management. The core objective of the new company is to drive the application of OpenAI’s enterprise AI products across private equity portfolios and wider commercial markets. If successful, this partnership will mark a significant milestone in the deep integration of AI industry development with private equity investment, injecting new momentum into corporate digital transformation and large-scale AI technology deployment.

Sources familiar with the matter reveal that the proposed collaboration involves private equity firms contributing approximately $4 billion in total, gaining equity stakes in the joint venture, and securing significant influence over the deployment of OpenAI’s technology within their portfolio companies. Regarding ownership structure and division of responsibilities, TPG will serve as the anchor investor, making the largest capital contribution, while Advent International, Bain Capital, and Brookfield will act as co-founders, each receiving board seats in the joint venture. However, parties emphasize that negotiations are still ongoing, no final decisions have been made, and the plan may be adjusted.

This partnership represents OpenAI’s strategic move into the enterprise AI market and offers multiple benefits to participating private equity firms and their portfolio companies. Private equity firms will gain priority access to OpenAI’s enterprise AI tools and share in the benefits when these technologies expand beyond their current markets. Additionally, in response to industry upheaval driven by rapid AI advancements, this collaboration provides vital support for portfolio companies facing AI transformation challenges, helping them optimize business models and enhance competitiveness through cutting-edge AI technology.

Intense competition in enterprise AI

Notably, OpenAI has introduced a “preferred stock” partnership model for this joint venture, allowing investors to receive returns that are prioritized over common shareholders and reducing downside risks. This approach contrasts sharply with that of fellow AI industry leader Anthropic, which is negotiating similar deals with private firms like Blackstone and Permira, planning to sell about $1 billion worth of common stock without specific profit or risk protection clauses.

Currently, competition in the enterprise AI market is intensifying. Both OpenAI and Anthropic are accelerating their private equity investment strategies, primarily because private firms control substantial corporate resources and can directly influence budget allocations in software and AI technology. Both companies aim to go public by 2026, making this market race even more urgent. Market performance shows that Anthropic currently holds an advantage in deploying enterprise AI solutions, having raised revenue projections for the coming years, with expected sales soaring to $18 billion this year and reaching $55 billion next year. As of the end of February 2026, OpenAI’s enterprise business generated an annualized revenue of $10 billion, accounting for 40% of its total annualized revenue of $25 billion, with significant growth potential remaining.

The establishment of this joint venture will focus on promoting OpenAI’s recently launched enterprise AI platform, Frontier. This platform is the core component of OpenAI’s “Frontier Alliance” initiative, connecting top engineering teams with global consulting giants like BCG, McKinsey, Accenture, and Capgemini to help companies deeply integrate AI agents into core business processes. Fidji Simo, CEO of OpenAI’s application business, stated: “As market demand for AI technology explodes, we aim to help clients deploy AI in various ways and create tangible value. The launch of the Frontier Alliance and this joint venture are key steps in building a dedicated enterprise AI deployment system, working hand-in-hand with partners to embed AI deeply into all aspects of business operations.”

Changing private equity investment logic

In fact, this collaboration is part of a series of major financing and strategic initiatives recently undertaken by OpenAI. Previously, OpenAI completed a $110 billion funding round, with a valuation reaching $840 billion, and plans to raise an additional approximately $10 billion from venture capital and sovereign wealth funds. Facing the enormous costs of AI R&D, OpenAI is expanding into the enterprise market and deepening multi-party collaborations to enhance commercial monetization, supporting ongoing technological innovation. Its business focus has shifted toward high-potential fields such as financial services and healthcare.

From a broader industry perspective, rapid AI development is profoundly transforming private equity investment logic. The restructuring of software valuation models and the challenge of automating business processes are increasing private firms’ urgency to deploy AI. Meanwhile, enterprise clients are demanding more from B2B tech providers, seeking AI solutions that genuinely improve decision-making and business resilience. The partnership between OpenAI and top private equity firms not only creates efficient channels for large-scale enterprise AI deployment but also offers standardized, professional solutions for AI transformation within private portfolio companies, potentially reshaping the industry landscape of enterprise AI application.