OpenAI sweetens pitch to private equity as enterprise battle with Anthropic intensifies

As part of its pitch, OpenAI is offering preferred equity with a guaranteed minimum return of 17.5 percent, along with downside protection and early access to some of its newest AI models, the people said. That package is materially richer than the terms offered by Anthropic in similar discussions, where no comparable guaranteed return was included. Firms approached for OpenAI’s venture have included TPG, Advent International, Bain Capital, and Brookfield Asset Management.

The push reflects a broader race to lock in enterprise customers before rivals do. Both OpenAI and Anthropic are trying to use private equity networks to place their AI systems across hundreds of mature companies already owned by buyout groups, creating a faster path to scale than selling one corporate client at a time. Industry analysts say these partnerships are attractive because once a customized AI system is embedded into a company’s workflows, switching providers becomes much harder.

The strategy also comes as OpenAI leans harder into business software and corporate sales, an area where Anthropic has recently been seen as stronger. OpenAI is expanding rapidly to capture more enterprise revenue, while also trying to make its financial profile more attractive ahead of a possible public listing. Separate reporting says the company plans to nearly double its workforce by the end of 2026 as it intensifies its business push.

Not every private equity firm is convinced. Some investors have questioned whether the economics are compelling, given that many large firms already have direct access to AI vendors without committing capital to a joint venture. At least two firms chose not to participate in either company’s structure, and one major software focused buyout firm, Thoma Bravo, decided against joining after internal discussions over long term profitability and strategic value, according to people familiar with the decision.

Even so, talks are continuing, and smaller firms are still considering minority roles without lead positions or board seats. OpenAI expects its venture to generate revenue from implementation work, product revenue sharing, and co owned tools developed for clients, according to a person familiar with its plans. Anthropic is pursuing a parallel model with firms including Blackstone, Hellman and Friedman, and Permira, underscoring how quickly the fight for enterprise AI distribution is moving beyond software and into dealmaking.