Key Highlights
- Microsoft’s ~$13B investment in OpenAI has ballooned to ~$228B — delivering a 17x multiple
- SoftBank invested $64.6B and currently sits on gains exceeding $50B, with holdings valued at ~$99.3B
- CEO Sam Altman maintains zero ownership stake in the AI company he leads
- The nonprofit OpenAI Foundation retains 25.8% ownership at no cost — while maintaining complete board control
- Nvidia (NVDA) faces a slight loss, with holdings worth $29.6B against a $30.1B investment
A confidential capitalization table detailing OpenAI’s ownership structure surfaced online in early April, sparking widespread discussion across financial circles. Investor Sheel Mohnot shared the document on X, with the data seemingly compiled from publicly available filings and secondary market transactions. The leaked information values OpenAI at $852 billion post-money, following its most recent $122 billion capital raise.
The document provides a comprehensive breakdown of investor positions, original investment amounts, and current return multiples. This represents the most transparent view to date of the financial landscape surrounding OpenAI and who benefits most from a future public offering.
Microsoft emerges as the overwhelming victor in terms of absolute returns. The tech giant deployed approximately $13 billion through multiple investment rounds — beginning with an initial $1 billion stake in 2019, followed by a substantial $10 billion infusion in January 2023, and an additional $2 billion in 2024. The company’s 26.79% ownership position now carries an estimated valuation of $228.3 billion, representing approximately a 17.6x return on investment. This combination of scale and multiple is unmatched among OpenAI’s investor base.
Microsoft’s quarterly SEC filings validate the $13 billion total investment amount. OpenAI recently identified Microsoft as a material business risk in investor documentation, referencing revenue-sharing agreements and exclusive cloud infrastructure commitments.
SoftBank has deployed $64.6 billion into OpenAI, establishing itself as the largest individual capital provider beyond Microsoft. The firm’s 11.66% ownership stake currently holds a valuation of approximately $99.3 billion. This positions SoftBank with unrealized gains surpassing $50 billion on its OpenAI holdings. CNBC reported that SoftBank completed funding its $40 billion pledge by December 2025, facilitated by a $40 billion bridge financing arrangement with JPMorgan and Goldman Sachs.
Pioneer Investors See Exceptional Multiples
The earliest backers of OpenAI have realized the most impressive return multiples, despite smaller absolute dollar amounts. Khosla Ventures deployed approximately $50 million during the 2019 round, with that position now valued at roughly $1.5 billion — representing a 30x return. Sound Ventures, the investment firm co-founded by entertainer Ashton Kutcher, committed between $20–30 million and currently holds approximately $1.3 billion in value, achieving a 43x multiple. Thrive Capital invested $3.5 billion and maintains a 1.98% ownership stake currently worth $16.9 billion.
Nvidia stands as the sole major investor showing a negative return. The chip manufacturer holds 3.47% of OpenAI, currently valued at $29.6 billion, compared to its $30.1 billion cost basis. A significant component of Nvidia’s contribution came through GPU computing credits rather than traditional cash investment, making the precise return calculation more complex.
Altman’s Ownership Remains Undetermined
Perhaps the most striking revelation from the leaked cap table is that Sam Altman, who has served as OpenAI‘s chief executive since 2019, currently possesses no ownership interest in the organization. The document lists his stake as undetermined. Board chairman Bret Taylor publicly stated in October 2024 that no definitive equity allocation for Altman had been established. Altman personally refuted media speculation about imminent equity grants during an internal company gathering.
The OpenAI Foundation, the entity that originally launched the organization as a nonprofit, retains a 25.8% stake acquired at no cost — technically representing an infinite return multiple on holdings valued at approximately $219.8 billion. While representing a minority economic interest, the Foundation maintains exclusive authority over all board member appointments.
OpenAI is actively preparing for a public market debut targeted for 2026 or early 2027, with speculation suggesting a potential $1 trillion market capitalization. Industry observers anticipate that Altman’s equity compensation will be finalized in conjunction with this liquidity event.
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