Catenaa, Thursday, February 13, 2025 – Elon Musk and a group of investors have offered to acquire OpenAI operating assets for $97.4 billion in cash, according to a letter of intent filed in a California federal court Wednesday.
The letter sets a May 10 deadline for OpenAI to accept or reject the offer.
The filing reveals the first official details of Elon’s unsolicited takeover bid for the ChatGPT maker. OpenAI CEO Sam Altman publicly rejected the offer earlier this week, but the company’s board has yet to issue a formal response.
Musk’s bid is backed by a consortium including Baron Capital Group, Valor Management, and Atreides Management. The letter emphasizes that the transaction would not require third-party debt financing. Musk’s group is requesting access to OpenAI’s financial records and key personnel for due diligence.
The document was filed as part of Musk’s ongoing legal battle against OpenAI and Altman. OpenAI’s legal team argues that the bid is part of Musk’s broader effort to undermine the company in favor of his AI startup, xAI.
The proposed valuation is based on OpenAI’s historical financials and projections, though the final price remains subject to negotiations. The bid sets a three-month window for OpenAI to accept, negotiate, or formally decline the offer.
