Key Takeaways
- Microsoft poured approximately $13B into OpenAI and now holds a stake worth roughly $228B — representing a 17x gain
- SoftBank invested $64.6B and has seen gains exceeding $50B, with its current position valued at approximately $99.3B
- OpenAI CEO Sam Altman currently possesses no ownership stake in the artificial intelligence firm
- The original OpenAI Foundation maintains a 25.8% ownership position acquired at zero cost — while retaining complete control over board member selections
- Nvidia finds itself marginally in negative territory, carrying a $30.1B investment against a present valuation of $29.6B
A confidential capitalization table detailing ownership percentages within OpenAI has been making rounds across the internet since early April. The spreadsheet surfaced on X through investor Sheel Mohnot and seems to have been assembled using publicly available regulatory filings combined with secondary market information. The document pegs OpenAI’s present post-money enterprise value at $852 billion, subsequent to securing $122 billion in fresh funding.
The leaked document provides granular details on ownership percentages, initial investment amounts, and profit multiples for each significant backer. These figures represent the most transparent publicly accessible snapshot to date regarding which parties will benefit most substantially when OpenAI ultimately pursues a public listing.
Microsoft emerges as the undisputed champion according to the data. The technology giant deployed approximately $13 billion through multiple investment rounds — beginning with an initial $1 billion commitment in 2019, followed by a substantial $10 billion infusion in January 2023, and an additional $2 billion contribution in 2024. The company’s 26.79% ownership interest now carries an estimated valuation of $228.3 billion, translating to approximately 17.6x returns on invested capital. No competing investor has achieved a comparable multiple at this magnitude.
Microsoft’s quarterly 10-Q regulatory submissions validate the $13 billion total investment amount. OpenAI recently identified Microsoft as representing material business risk in documentation shared with prospective investors, referencing revenue distribution agreements and exclusive cloud infrastructure commitments.
SoftBank has pledged $64.6 billion toward OpenAI, establishing itself as the most substantial cash contributor apart from Microsoft. The firm’s 11.66% ownership position currently commands a valuation approaching $99.3 billion. This places SoftBank’s unrealized gains north of $50 billion on the investment. CNBC verified that SoftBank successfully fulfilled its $40 billion funding obligation by December 2025, leveraging a $40 billion bridge financing facility arranged through JPMorgan and Goldman Sachs.
Venture Investors Secured Exceptional Returns
Early-stage capital providers achieved the most impressive return multiples, despite realizing more modest absolute dollar profits. Khosla Ventures deployed approximately $50 million during 2019 and currently holds a position valued near $1.5 billion — representing roughly 30x appreciation. Sound Ventures, the investment vehicle co-established by actor Ashton Kutcher, contributed between $20–30 million and now commands approximately $1.3 billion in value, reflecting a 43x multiple. Thrive Capital committed $3.5 billion and maintains a 1.98% ownership stake presently worth $16.9 billion.
Nvidia represents the singular prominent investor experiencing negative returns. The chip manufacturer holds 3.47% of OpenAI, currently valued at $29.6 billion, measured against an investment basis of $30.1 billion. A significant component of Nvidia’s capital contribution took the form of GPU computing credits instead of direct cash investment, creating complexity in accurate return assessment.
Altman’s Equity Remains Undefined
Among the most noteworthy revelations within the leaked table is confirmation that Sam Altman, who has steered OpenAI since 2019, possesses zero ownership equity in the organization. His stake appears designated as TBD. OpenAI board chairman Bret Taylor publicly acknowledged in October 2024 that concrete equity allocations remained undetermined. Altman personally refuted media speculation regarding imminent equity awards during an internal company-wide gathering.
The OpenAI Foundation, the founding nonprofit entity, retains 25.8% ownership acquired at zero financial cost — delivering an infinite return multiple on an estimated $219.8 billion present valuation. Notwithstanding its minority economic interest, the Foundation maintains absolute authority over all board appointment decisions.
OpenAI reportedly targets an initial public offering during 2026 or the opening months of 2027 at a prospective $1 trillion enterprise valuation. Market observers broadly anticipate this liquidity event will serve as the catalyst for finalizing Altman’s equity compensation arrangement.
