OpenAI has entered a new partnership with Thrive Holdings and also took an ownership stake in the firm.
Because Thrive Holdings is tied to Thrive Capital, one of OpenAI’s major investors, the deal has drawn significant attention.
The deal appears to follow the trend of interconnected investments.
Thrive Holdings
Thrive Holdings acts like a private equity group focused on AI. It acquires companies in fields such as accounting, IT services, and business operations.
Then it works to integrate AI to increase speed and efficiency. The firm sits under Thrive Capital.
That connection has raised concern about overlapping financial interests. Still, both sides insist the deal supports real industry needs.
The Deal
Neither company shared the financial terms. However, the structure is apparent: OpenAI will embed its own employees inside companies owned by Thrive Holdings.
These employees will come from engineering, research, and product teams. Their job is to build tools, update systems, and drive AI adoption.
As these companies grow, OpenAI’s stake grows too. Moreover, OpenAI will earn compensation for the services its employees provide.
A source familiar with the agreement said OpenAI expects its work to directly shape each company’s growth.
Interdependence
OpenAI has made several deals in which it invests in partners that also support its core infrastructure.
For example, OpenAI recently took a stake in CoreWeave. It invested about $350 million in equity.
CoreWeave then used that money to buy Nvidia chips. Those chips now help power OpenAI’s systems.
As OpenAI consumes more compute, CoreWeave earns more revenue. That revenue growth boosts the value of OpenAI’s investment.
This loop has raised questions about whether these deals create natural demand or manufacture it.
The Deal Architecture
The structure with Thrive Holdings is different. Instead of building infrastructure, OpenAI will help create and deploy products inside Thrive’s portfolio companies.
Yet the outcome still involves interdependence. OpenAI’s teams build or refine the systems, and the companies then scale. OpenAI profits as they grow.
Because Thrive Capital holds stakes in both OpenAI and Thrive Holdings, the relationship becomes even more complex.
Investors are trying to determine whether this creates real long-term value or only short-term financial boosts.
“Circular” Accusations
Thrive Holdings strongly disagrees with the idea that the deal is circular. A spokesperson said the partnership meets a clear, unmet demand.
They noted that several companies already sought AI tools before the partnership formed.
One example is Crete, an accounting firm; it reportedly saved hundreds of hours using AI tools.
Another example is Shield, an IT services company. It had already shown a strong interest in AI support before any agreement with OpenAI was official.
Thrive argues these cases show genuine customer demand, not engineered growth.
Close Watch
Even with this explanation, investors worry that strong performance may rely too heavily on OpenAI’s direct involvement.
They want to see whether the companies inside Thrive Holdings can build sustainable businesses that do not depend on OpenAI’s staff embedding themselves long-term.
Because Thrive Capital holds ownership on both sides, assessing true performance becomes harder.
It is challenging to measure whether a company’s success comes from market traction or from support that only OpenAI can provide.
