Private Equity Valuation Dynamics in the Generative Artificial Intelligence Sector: A Case Study of OpenAI

DOI

10.2991/978-94-6239-801-6_72How to use a DOI?

Keywords

Generative AI; Private Equity Investment; Enterprise Valuation; Phased Valuations; OpenAI

Abstract

This study examines valuation mechanisms and phased differences in the generative artificial intelligence (AI) industry. Taking OpenAI as the core case and comparing it with private leading firms such as Anthropic and listed peers, including NVIDIA and Microsoft, this research uses case analysis, cross-firm comparison, and multi-model valuation to build a two-dimensional framework that combines financial indicators and non-financial core assets. This study develops phased valuation models for the seed stage (comparable transaction method + real option method), growth stage (average revenue per paying user (ARPU) multiple method + user value method), and mature stage (discounted cash flow (DCF) method + price-to-earnings (PE) method + comparable company method). This study subsequently benchmarks the computational outcomes against market valuations, analyzes the causes of deviations, and proposes directions for model optimization. Empirical evidence suggests a fundamental shift in GenAI valuation logic, transitioning from a “financial statement-driven” approach to “technological asset pricing”. The three-stage model proposed in this paper successfully captures the premium fluctuations of OpenAI in empirical analysis, demonstrating that quantifying non-financial indicators can notably correct the issue of traditional models underestimating the valuation of high-growth AI companies. The model elevates the private equity valuation system in the generative AI industry, providing a more granular reference perspective for primary market pricing.

Copyright

© 2026 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Yuan Xia
PY  - 2026
DA  - 2026/10/23
TI  - Private Equity Valuation Dynamics in the Generative Artificial Intelligence Sector: A Case Study of OpenAI
BT  - Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
PB  - Atlantis Press
SP  - 680
EP  - 691
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-801-6_72
DO  - 10.2991/978-94-6239-801-6_72
ID  - Xia2026
ER  -