OpenAI’s $6.5 Billion Deal to Boost Returns for Ive’s Backers

The OpenAI deal that values Jony Ive’s artificial intelligence startup at $6.5 billion stands to reward investors in the stealth company handsomely—at least on paper.

After becoming one of OpenAI’s biggest outside shareholders, Thrive Capital last year invested about $30 million in the device startup, called Io Products, according to a person familiar with the deal. That made Thrive one of the biggest investors in Io, which has been exploring several undisclosed devices powered by OpenAI’s technology.