OpenAI in its $6.5 billion acquisition of io Products

On May 21, 2025, OpenAI announced an agreement to acquire io Products—an engineering and product manufacturing company co-founded by Jony Ive to develop, engineer and manufacture a new family of products for the Artificial General Intelligence era—at a transaction value of approximately $6.5 billion.  As part of the transaction, Jony Ive, along with his creative collective LoveFrom, will assume deep design and creative responsibilities across OpenAI.

Wachtell, Lipton, Rosen & Katz is serving as legal counsel to OpenAI.