Lightspeed Ventures' Double or Nothing Bet on OpenAI and Anthropic Lightspeed Ventures is planning a $600 million secondary transaction, Project Mercury, which will allow existing investors to cash out while extending the firm's ownership of OpenAI and four other assets.
On paper, this deal appears to be a prudent move for Lightspeed, allowing it to benefit from potential growth without having to sell its portfolio companies outright.
However, upon closer inspection, it becomes clear that Project Mercury is more than just a clever financial maneuver – it's also a testament to the ongoing obsession with AI.