A New Stake in an AI-Focused Holding Company
OpenAI is taking an ownership stake in Thrive Holdings, an operator that functions like a private equity platform for AI by acquiring companies in sectors such as accounting and IT services. Thrive Holdings is backed by Thrive Capital, one of OpenAI’s largest investors. Terms of the deal were not disclosed.
Under the arrangement, OpenAI will embed engineers, researchers, and product specialists inside Thrive’s companies to accelerate AI adoption and streamline operations. A source familiar with the matter said OpenAI’s equity stake could increase based on the growth these companies generate through its involvement.
A Growing Pattern of Interdependent Deals
The partnership mirrors a broader trend of circular dealmaking within the $500 billion AI company’s ecosystem. OpenAI recently took stakes in infrastructure partners including Advanced Micro Devices and CoreWeave. In one example, OpenAI invested $350 million into CoreWeave, which then purchased Nvidia chips that power OpenAI’s own systems—boosting CoreWeave’s revenue and ultimately increasing the value of OpenAI’s stake.
The Thrive arrangement differs structurally but still deepens interdependence. OpenAI contributes talent and technical work that could directly raise the value of the companies in which it now holds equity.
Thrive Pushes Back on Circular Narrative
Thrive Holdings disagrees with the characterization. A spokesperson said the deal addresses a “market need” rather than artificially creating demand and noted organic interest from firms already using OpenAI’s technology. Examples include accounting firm Crete, which has reportedly saved hundreds of staff hours with AI tools, and IT provider Shield, which adopted AI before the partnership was formalized.
Investor Concerns Over Sustainable Growth
The intertwined ownership stakes between OpenAI and Thrive Capital raise questions for external investors about how to assess performance. It remains unclear whether Thrive-owned companies can sustain growth without ongoing direct support from OpenAI engineers and technology.
Analysts will be watching to see whether these firms become profitable long-term businesses using AI—or whether their valuations are rising mainly on expectations tied to OpenAI’s involvement rather than independent market traction.
Featured image credits: Wikimedia Commons
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