Elon Musk Leads Consortium to Regain Control of OpenAI, Offering $97.4B to Acquire the AI Firm

The bid aims to prevent OpenAI's transition into a for-profit entity. Beyond sparking widespread debate, it has triggered a sharp rally in AI-related cryptocurrencies and AI-powered projects.

Elon Musk is heading a consortium offering to buy OpenAI for $97.4 billion, aiming to prevent the nonprofit organization from becoming a for-profit entity. The bid has sparked a buying frenzy in AI-related cryptocurrencies and seen AI agents post strong gains.

Musk co-founded OpenAI in 2015 but left before it became famous. However, he has often criticized the company’s evolution, especially its move toward a for-profit structure. According to Musk, OpenAI has strayed from its original goal of developing open-source AI.

“It’s time for OpenAI to go back to being the open-source, safety-focused force for good that it once was. We will make sure that happens,” The Information reported, citing Musk.

To this end, Musk is leading a consortium to buy OpenAI for $97.4 billion. The bid is backed by Musk’s AI startup, xAI, Baron Capital Group, Emanuel Capital, and other investors. If successful, xAI could merge with OpenAI, potentially changing the landscape of AI competition.

However, OpenAI CEO Sam Altman shot down Musk’s offer, responding sarcastically on X. He wrote, “No thank you, but we will buy Twitter for $9.74 billion if you want.” The comment highlights the strained relationship between Altman and Musk.

AI Cryptos and Agents Rise in Response

Elon Musk's OpenAI bid has sparked a surge in AI-related cryptocurrencies, with investors betting on the growing importance of artificial intelligence. The AI coin sector's market capitalization jumped 11% to $30 billion. Meanwhile, AI agents saw an even steeper rise of nearly 18%, pushing their total valuation to over $7.8 billion.

Crypto trader and developer Hodler noted the shift in investor sentiment and called for the AI narrative to resume.

“AI narrative should come back. In 2025-2026, we will talk a lot about the competition between AI companies and new techs,” Hodler wrote.

Experts have pointed to Bittensor (TAO) among AI sector tokens that are currently on a tear following the dTAO update. With CoinGecko data showing the Bittensor Ecosystem up by 17% to $3.6 billion, one popular analyst on X indicates that TAO is the AI coin to watch.

“TAO is showing impressive strength, poised for a potential trendline breakout on the wedge. With AI coins rebounding, this presents a compelling opportunity for midterm gains. Is TAO leading the charge in a new AI season?” the analyst posed.

Meanwhile, the crypto market is undergoing a broader shift. Investors are increasingly moving away from meme coins and speculative assets, favoring altcoins with tangible real-world applications. A recent BeInCrypto report highlighted how utility-driven sectors like AI agents are gaining traction among serious investors.

This transition suggests a maturing market where long-term value is prioritized over short-term hype. It reinforces the importance of AI-related cryptocurrencies and blockchain-driven AI solutions.