Key Takeaways
- Microsoft’s approximately $13B investment in OpenAI has ballooned to roughly $228B — representing a 17x gain
- SoftBank invested $64.6B and currently sits on profits exceeding $50B, with holdings valued at approximately $99.3B
- OpenAI CEO Sam Altman currently possesses no ownership stake in the company
- The nonprofit OpenAI Foundation controls 25.8% ownership for zero investment — while maintaining complete control over board member selection
- Nvidia currently shows a slight loss, investing $30.1B against a present valuation of $29.6B
A confidential capitalization table detailing OpenAI’s ownership structure 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 filings combined with secondary market intelligence. The data positions OpenAI’s latest post-money valuation at $852 billion after completing a $122 billion financing round.
This leaked document provides a comprehensive breakdown of ownership percentages, investment amounts, and return multipliers for each significant stakeholder. The figures offer the most transparent view to date of who will profit substantially once OpenAI pursues a public listing.
Microsoft emerges as the clear champion according to the data. The tech giant deployed approximately $13 billion through multiple investment rounds — beginning with $1 billion during 2019, followed by $10 billion in January 2023, and an additional $2 billion throughout 2024. The company’s 26.79% ownership position now carries an estimated worth of $228.3 billion, delivering approximately 17.6x returns. No competing investor has achieved comparable multiples at this magnitude.
Microsoft’s quarterly 10-Q reports validate the $13 billion total investment amount. OpenAI recently identified Microsoft as a material business risk within an investor disclosure, referencing revenue distribution agreements and exclusive cloud computing partnerships.
SoftBank has pledged $64.6 billion toward OpenAI, establishing itself as the largest individual cash contributor besides Microsoft. The firm’s 11.66% ownership stake currently commands a valuation near $99.3 billion. This positions SoftBank with unrealized gains surpassing $50 billion. CNBC verified that SoftBank completed funding its $40 billion pledge by December 2025, utilizing a $40 billion bridge financing facility arranged through JPMorgan and Goldman Sachs.
Pioneering Backers Secured Exceptional Returns
Foundational investors captured the most impressive return multipliers, despite generating smaller absolute dollar profits. Khosla Ventures deployed roughly $50 million during 2019 and currently holds a position worth approximately $1.5 billion — yielding about 30x returns. Sound Ventures, the investment vehicle co-established by actor Ashton Kutcher, contributed between $20–30 million and now commands roughly $1.3 billion in value, representing a 43x multiple. Thrive Capital invested $3.5 billion and maintains a 1.98% stake presently valued at $16.9 billion.
Nvidia stands as the sole investor showing negative returns. The company maintains 3.47% ownership in OpenAI, valued at $29.6 billion, measured against an investment basis of $30.1 billion. A significant component of Nvidia’s contribution consisted of GPU computing credits instead of direct capital, which adds complexity to calculating actual returns.
Sam Altman Holds Zero Ownership — For Now
Among the most surprising revelations within the table is that Sam Altman, who has served as OpenAI chief executive since 2019, maintains zero ownership in the organization. His shareholding appears as undetermined. OpenAI board chairman Bret Taylor publicly acknowledged in October 2024 that concrete equity allocations remained undecided. Altman personally refuted speculation regarding imminent equity awards during an internal company gathering.
The OpenAI Foundation, the originating nonprofit entity, controls 25.8% of the organization without any capital investment — creating an infinite return multiplier on an estimated $219.8 billion valuation. While representing a minority economic stakeholder, the Foundation maintains exclusive authority over all board member appointments.
OpenAI is purportedly preparing for a public market debut during 2026 or early 2027 at a prospective $1 trillion valuation. Industry observers widely anticipate this liquidity event will finalize Altman’s equity compensation structure.
