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on Thursday completed a secondary share sale amounting to $6.6 billion, reported. The sale gives current and prior employees the ability to sell stock at a $500 billion valuation.

The transaction and resulting valuation also grant OpenAI the distinction of now being the world鈥檚 most valuable private, venture-backed company, surpassing , which was valued at $400 billion after .

According to , OpenAI had authorized up to $10.3 billion in shares for sale, which was up from its original $6 billion target. But only about two-thirds of what it had authorized ultimately got sold.

Besides OpenAI and SpaceX, several other high-valued private companies have turned to secondary sales, which are often used to reward employees and as a retaining tool for companies not ready to go public.

In February, fintech giant announced a in which investors would buy shares from past and present employees at a valuation of $91.5 billion. Last December, raised $10 billion at a $62 billion valuation in a deal that included a secondary share sale aimed at providing liquidity for current and former employees.听

In April, OpenAI also made headlines for an investment of up to $40 billion from Japanese investment conglomerate in a deal that marked the largest startup financing ever and valued it at $300 billion.

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