A suspected leaked OpenAI equity structure table has brought the AI company's internal interests and distribution patterns into the public eye for the first time.
Recently, a document alleged to be from OpenAI's capitalization table (cap table) has been circulating widely online. According to a report by Celebrity Net Worth on April 3rd, this document surfaced almost simultaneously with news of OpenAI's latest funding round – OpenAI has just completed a $122 billion funding round, valuing the company at $852 billion. The report stated that the document &#34;looks authentic.&#34;
According to the document, OpenAI's top five shareholders are: Microsoft (26.79%), OpenAI Foundation (25.8%), SoftBank (11.66%), Amazon (4.66%), and Nvidia (3.47%). Current and former employees collectively hold approximately 20% of the shares.
Microsoft's &#34;$13 billion investment&#34; has risen to &#34;$228.3 billion,&#34; and SoftBank's $64 billion investment is now worth approximately $99.3 billion.
The most striking point: CEO Sam Altman still holds no equity in the table.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/20b9bdd9-dc75-49eb-a2ca-b5379f5d9ee7.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/20b9bdd9-dc75-49eb-a2ca-b5379f5d9ee7.png"/>
<h2>Microsoft's Returns Shine Brightest, Followed by SoftBank; Nvidia Sees Small Loss</h2>
In terms of investment returns, Microsoft is the biggest winner on this cap table.
According to Wall St Engine, citing Forbes data on X, Microsoft has invested a cumulative total of approximately $13 billion. Based on the current valuation of $852 billion, its shareholding is valued at approximately $228.3 billion, yielding an unrealized return of over 17 times.
Microsoft is OpenAI's largest single shareholder. CEO Nadella's total investment commitment is around $13 billion, disbursed in multiple tranches. This includes $1 billion in 2019, $10 billion in January 2023 (confirmed in Microsoft's 10-Q filing), and an additional $2 billion in 2024.
SoftBank Group, led by Masayoshi Son, holds 11.66% of OpenAI's shares, valued at $99.3 billion. Its cost basis was $64.6 billion, making it the largest single investment after Microsoft's. The return on investment is 1.5 times.
SoftBank's holdings are complex. Approximately $500 million came from Series E financing, $30 billion from the massive Series F round, and about $34 billion from Series G. Masayoshi Son has referred to OpenAI as &#34;the most important company on Earth.&#34;
Nvidia's investment return is a &#34;slight loss.&#34; Nvidia holds 3.47% of OpenAI's shares, valued at $29.6 billion, against a cost of $30.1 billion.
The OpenAI Foundation holds a 25.8% stake, valued at approximately $219.8 billion, with a cost basis of zero. Analysts suggest that the 25.80% stake held by the foundation is the largest &#34;stranded asset&#34; on the cap table. It cannot be sold or used for leverage. Theoretically, its existence is intended to ensure that artificial general intelligence (AGI) benefits all of humanity.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/8dddd9a1-db17-4ccc-a1b3-273aa3397b51.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/8dddd9a1-db17-4ccc-a1b3-273aa3397b51.png"/>
<h2>Sam Altman Still Has No Equity; IPO May Be a Turning Point</h2>
Another widely discussed detail from the cap table is that Sam Altman has no OpenAI equity registered under his name.
Celebrity Net Worth directly questioned this in its report: &#34;What else is he doing here?&#34; and noted that this situation &#34;will almost certainly change&#34; once OpenAI goes public.
OpenAI is reportedly planning an IPO for this year or early next year with a valuation of $1 trillion.
<h2>Ashton Kutcher: $30 Million Becomes $1.3 Billion</h2>
Row 22 of the cap table discloses a rather talked-about name: Sound Ventures.
This venture capital firm holds a 0.15% equity stake in OpenAI, with an initial investment cost of approximately $30 million. At the current valuation, this stake is worth about $1.3 billion, a return multiple of approximately 43 times.
One of Sound Ventures' co-founders is Hollywood actor Ashton Kutcher.
It should be noted that the $1.3 billion is not entirely attributable to Kutcher personally. Sound Ventures is a fund with a profit-sharing structure between external LPs (limited partners) and GPs (general partners).
Celebrity Net Worth estimates that, conservatively assuming Kutcher's actual exposure to this investment is around 30%, his personal holding would be approximately $400 million. Combined with other assets, the publication estimates Kutcher's current net worth at about $600 million. If OpenAI lists with a $1 trillion valuation, his stake would further increase to approximately $470 million.
Sound Ventures invested when OpenAI's valuation was around $20 billion to $29 billion, during the early stages of the AI boom in 2023.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9773ce9f-cd10-487e-8ec8-71a877c098db.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/9773ce9f-cd10-487e-8ec8-71a877c098db.png"/>
In May 2023, Sound Ventures announced the closing of a $240 million fund focused on AI, which was oversubscribed.
At the time, Kutcher's assessment was: &#34;AI will be the most important technological transformation since the internet.&#34;
The fund subsequently deployed capital into several AI infrastructure companies, including Anthropic, Stability AI, and OpenAI.
Celebrity Net Worth points out that if other bets like Anthropic follow OpenAI's trajectory, Kutcher's returns from this fund &#34;could easily add several hundred million dollars more.&#34;

MSFT

NVDU

A leaked document shows OpenAI's current valuation at $852 billion, with Microsoft's $13 billion investment now worth approximately $228.3 billion, a return of over 17 times. SoftBank's $64.6 billion investment is now valued at about $99.3 billion. Nvidia's returns are roughly flat. CEO Sam Altman holds no equity

- A leaked cap table reveals OpenAI's equity structure, highlighting major shareholders and their investment returns amid a recent $122 billion funding round.  
- Microsoft, with a 26.79% stake, leads as the largest shareholder, turning a $13 billion investment into approximately $228 billion, while SoftBank's $64 billion investment is now valued at around $99 billion.  
- Notably, CEO Sam Altman owns no shares, suggesting a potential shift upon an upcoming IPO projected at a $1 trillion valuation.

Wallstreetcn

Microsoft

Spdr Select Tech

Direxion Daily NVDA Bull 2X Shares

T-Rex 2X Long Microsoft Daily Target ETF

GraniteShares 2x Long NVDA Daily ETF

YieldMax NVDA Option Income Strategy ETF

GraniteShares 2x Long MSFT Daily ETF

iShares Expanded Tech Software Sector ETF

T-Rex 2X Long NVIDIA Daily Target ETF

YieldMax MSFT Option Income Strategy ETF

Direxion Daily MSFT Bull 2X Shares

SPDR S&P Software

Direxion Daily MSFT Bear 1x Shares

Kurv Yield Premium Strategy Microsoft MSFT ETF

Leaked OpenAI Equity Structure: Microsoft's $13 Billion Investment Now Worth $228.3 Billion