OpenAI is close to forming a $10 billion joint venture with several private equity firms, FT reports.
This new venture, called DeployCo and registered in Delaware, will begin with OpenAI putting in $500 million, with the option to add up to $1 billion more. Private equity investors like TPG, Bain Capital, Advent International, Brookfield, and Goanna Capital plan to invest $4 billion over five years.
The deal is expected to close in early May. OpenAI will keep strategic control through super-voting shares.
DeployCo’s operating model is similar to Palantir’s, placing engineers within client organisations to implement AI systems, automate workflows, and restructure operations using OpenAI’s tools. Instead of selling software licenses and leaving implementation to clients, DeployCo provides technical expertise directly at the point of transformation.
Revenue comes from helping companies restructure operations, following a services-plus-software approach that captures value at deployment rather than just at the model level. The venture may also acquire technology and intellectual property over time to strengthen its position.
The funding round should close in early May 2026. After that, DeployCo will start hiring engineers to work with clients. Private equity investors are committed for five years, and OpenAI is guaranteeing at least a 17.5% annual return.
Each successful DeployCo project turns a portfolio company into a reference customer, generating revenue and case studies ahead of a potential major tech IPO.
