OpenAI just made another circular deal | The VergeSkip to main contentThe homepageThe VergeThe Verge logo.The VergeThe Verge logo.TechReviewsScienceEntertainmentAIHamburger Navigation ButtonThe homepageThe VergeThe Verge logo.Hamburger Navigation ButtonNavigation DrawerThe VergeThe Verge logo.Login / Sign UpcloseCloseSearchTechExpandAmazonAppleFacebookGoogleMicrosoftSamsungBusinessCreatorsMobilePolicySecurityTransportationReviewsExpandLaptopsPhonesHeadphonesTabletsSmart HomeSmartwatchesSpeakersDronesScienceExpandSpaceEnergyEnvironmentHealthEntertainmentExpandGamesTV ShowsMoviesAudioAIVerge ShoppingExpandBuying GuidesDealsGift GuidesSee All ShoppingCarsExpandElectric CarsAutonomous CarsRide-sharingScootersOther TransportationFeaturesVideosExpandYouTubeTikTokInstagramPodcastsExpandDecoderThe VergecastVersion HistoryNewslettersExpandThe Verge DailyInstallerVerge DealsNotepadOptimizerRegulatorThe StepbackArchivesStoreSubscribeFacebookThreadsInstagramYoutubeRSSThe VergeThe Verge logo.OpenAI just made another circular dealComments DrawerCommentsLoading commentsGetting the conversation ready...NewsCloseNewsPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All NewsAICloseAIPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All AITechCloseTechPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All TechOpenAI just made another circular dealThe AI giant now partly owns investment firm Thrive Holdings, whose parent company is one of OpenAI’s biggest investors.The AI giant now partly owns investment firm Thrive Holdings, whose parent company is one of OpenAI’s biggest investors.by Elissa WelleCloseElissa WelleAI ReporterPosts from this author will be added to your daily email digest and your homepage feed.FollowFollowSee All by Elissa WelleDec 1, 2025, 11:12 PM UTCLinkShareImage: The VergeElissa WelleCloseElissa WellePosts from this author will be added to your daily email digest and your homepage feed.FollowFollowSee All by Elissa Welle is a NYC-based AI reporter and is currently supported by the Tarbell Center for AI Journalism. She covers AI companies, policies, and products.OpenAI announced an ownership stake in the private equity investment firm Thrive Holdings, whose parent company, Thrive Capital, is one of the main investors in, you guessed it, OpenAI. While OpenAI did not spend money on the ownership stake, according to an anonymous source cited by The Financial Times, the company announced it would provide Thrive Holdings’ companies with employees, models, products, and services.OpenAI may also get payouts from Thrive Holdings’ future returns, the FT wrote, citing its anonymous source. It’s the latest circular deal in an industry known for running on FOMO and handing money back-and-forth between a small group of companies.The partnership will focus on the two sectors at the top of Thrive Holdings’ priority list: IT services and accounting. It’s in these “high-volume, rules-driven, workflow-heavy processes where OpenAI’s platform can drive immediate benefits,” according to the announcement release. The stated goal is to use AI to “boost speed, accuracy, and cost efficiency while strengthening service quality.”Joshua Kushner, CEO of Thrive Holding and Capital, and the younger brother of President Trump’s son-in-law, Jared Kushner, said AI is unlike past technologies that have changed industries “from the outside in.” “We believe this paradigm shift will happen from the inside out as domain experts and practitioners use AI as a native tool to reshape their fields,” Kushner said. Trump himself is a staunch booster of AI, and officials in his administration — like David Sacks — stand to benefit from the industry’s growth.Thrive Holdings’ purpose for acquiring IT services and accounting is to “transform them using AI,” the FT wrote. As part of the deal with OpenAI, the startup will get access to data from Thrive Holdings’ companies for AI model training. There are two potential advantages for OpenAI there: one, the possibility that it can be shoehorned into companies in Thrive Holdings’ portfolio, and two, a rich new source of training data. OpenAI wants to work more broadly with the private equity industry, the anonymous source told the FT. Someone close to Thrive Capital said that OpenAI would be working as the equity group’s “research arm.”The Thrive deal may be the first of a new wave of similar agreements, said OpenAI’s COO Brad Lightcap.Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.Elissa WelleCloseElissa WelleAI ReporterPosts from this author will be added to your daily email digest and your homepage feed.FollowFollowSee All by Elissa WelleAICloseAIPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All AINewsCloseNewsPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All NewsOpenAICloseOpenAIPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All OpenAITechCloseTechPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All TechMost PopularMost PopularNetflix kills casting from phonesThe Nintendo Switch 2 got its first-ever discount during Cyber MondayThese great Cyber Monday tech deals will likely be gone tomorrowData centers in Oregon might be helping to drive an increase in cancer and miscarriagesMKBHD is taking down his wallpaper appThe Verge DailyA free daily digest of the news that matters most.Email (required)Sign UpBy submitting your email, you agree to our Terms and Privacy Notice. 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OpenAI’s recent move to partially acquire Thrive Holdings represents a significant development within the rapidly evolving landscape of artificial intelligence investment and integration. The core of this deal, as outlined by Elissa Welle in *The Verge*, centers on a circular arrangement designed to leverage OpenAI’s technological capabilities across a network of private equity firms. Thrive Holdings, led by Joshua Kushner (the younger brother of Jared Kushner), is securing access to OpenAI’s models, products, and services in exchange for providing the AI giant with valuable data resources for model training and research. This partnership reflects a growing trend in the AI industry – a shift from standalone innovation to a more networked, collaborative approach where companies utilize each other’s assets and expertise.

The strategic rationale behind this arrangement is multifaceted. For OpenAI, the Thrive Holdings partnership offers access to a substantial volume of operational data, a crucial component in continually refining and improving its AI models. This data, particularly from the firms’ IT services and accounting operations, aligns precisely with OpenAI’s stated ambition to apply its platform to “high-volume, rules-driven, workflow-heavy processes,” maximizing immediate benefits. Moreover, OpenAI aims to establish a broader presence within the private equity sector, functioning as a dedicated “research arm” for Thrive Capital.

Thrive Holdings, conversely, aims to ‘transform’ its portfolio companies using AI, capitalizing on OpenAI’s advancements to enhance efficiency and potentially unlock new revenue streams. This transformation is predicated on the belief, articulated by Kushner, that AI will shift from external industry disruption to internal adaptation. The partnership's structure allows Thrive to embed OpenAI’s tools into its existing operational framework, representing a significant step beyond simply adopting AI as a standalone technology. This interwoven approach signifies a move toward integrating AI as a native component of business processes, rather than a supplementary tool.

The deal further underscores the significant role played by figures like David Sacks, an official in the Trump administration, who are vocal advocates for AI innovation and stand to benefit from its growth. Ultimately, this transaction epitomizes a recurring pattern in the current AI ecosystem: a series of interconnected deals where companies strategically utilize each other's assets to spur innovation and secure competitive advantage. The success of this circular arrangement hinges on OpenAI’s ability to effectively translate its technological prowess into tangible improvements for Thrive Holdings’ operations, and on Thrive's capacity to operationalize this new partnership. The arrangement is indicative of a phase shift in the AI industry, moving beyond isolated advancements towards a more intricate network of interwoven capabilities and investments.