Key Highlights
- Microsoft poured approximately $13B into OpenAI, now holding a position valued at roughly $228B — representing a 17x gain
- SoftBank invested $64.6B and currently sits on over $50B in unrealized profits, with holdings worth approximately $99.3B
- CEO Sam Altman possesses no ownership stake in the artificial intelligence company
- The nonprofit OpenAI Foundation retains a 25.8% ownership share acquired at no cost — while maintaining complete control over board member selection
- Nvidia faces a slight loss, carrying a $30.1B investment against a present valuation of $29.6B
Confidential ownership documentation detailing OpenAI’s investor landscape surfaced online in early April, sparking widespread discussion about the company’s financial structure. Investor Sheel Mohnot shared the document via X, which appears compiled from publicly available regulatory filings and secondary trading platform information. The data reflects OpenAI’s current $852 billion post-funding valuation after completing a $122 billion capital raise.
The OpenAI cap table tells two stories at once.
Microsoft put in $13B and is sitting on $228B. 17.6x. Ashton Kutcher's Sound Ventures put in $30M and has $1.3B. 43x. Original 2015-era angels invested $10M and are looking at ~140x.
Then there's the late money. SoftBank wrote a… https://t.co/eRRDYgR6AI pic.twitter.com/KJCSmRwuVu
— Aakash Gupta (@aakashgupta) April 2, 2026
The documentation provides granular details on ownership percentages, investment amounts, and profit multipliers for each significant backer. These figures represent the most transparent view available of potential payouts when OpenAI pursues its anticipated public offering.
Microsoft emerges as the dominant financial beneficiary according to the leaked data. The technology giant deployed approximately $13 billion through multiple investment rounds — beginning with a $1 billion commitment in 2019, followed by a substantial $10 billion injection in January 2023, and an additional $2 billion in 2024. Microsoft’s 26.79% ownership position now carries an estimated worth of $228.3 billion, translating to approximately 17.6x returns. No competing investor demonstrates comparable multiplier performance at this magnitude.
Microsoft’s quarterly 10-Q regulatory documents validate the $13 billion total investment amount. OpenAI has acknowledged Microsoft as a material business dependency in recent stakeholder communications, referencing revenue distribution agreements and exclusive cloud computing arrangements.
SoftBank has deployed $64.6 billion into OpenAI, establishing itself as the largest capital provider beyond Microsoft. The Japanese conglomerate’s 11.66% ownership stake now commands a valuation near $99.3 billion. This positions SoftBank with unrealized gains exceeding $50 billion. CNBC reporting verified that SoftBank completed its $40 billion funding obligation by December 2025, utilizing a $40 billion bridge financing facility arranged through JPMorgan and Goldman Sachs.
Pioneer Investors Achieve Exceptional Returns
Venture firms that participated in OpenAI’s earliest funding stages secured the most impressive return percentages, despite generating smaller absolute dollar profits. Khosla Ventures deployed roughly $50 million during 2019, with that position now valued at approximately $1.5 billion — yielding a 30x multiplication. Sound Ventures, the investment firm co-established by actor Ashton Kutcher, committed between $20-30 million and currently holds assets worth about $1.3 billion, achieving a 43x return. Thrive Capital invested $3.5 billion and maintains a 1.98% stake presently valued at $16.9 billion.
Nvidia stands as the singular investor showing negative returns. The chip manufacturer holds 3.47% of OpenAI, presently valued at $29.6 billion, measured against an acquisition cost of $30.1 billion. A substantial component of Nvidia’s contribution consisted of GPU computing resources rather than direct capital, which creates complexity in precisely calculating investment performance.
Altman’s Ownership Remains Undefined
Among the most striking revelations within the ownership table is that Sam Altman, who has served as OpenAI’s chief executive since 2019, possesses zero equity ownership. His shareholding appears as undetermined. OpenAI board chairman Bret Taylor publicly stated in October 2024 that no definitive equity allocation had been finalized. Altman personally refuted speculation regarding imminent equity awards during an internal company gathering.
The OpenAI Foundation, the organization’s original nonprofit entity, maintains 25.8% ownership acquired at zero expense — creating an infinite return calculation on an estimated $219.8 billion valuation. While representing a minority economic interest, the Foundation exercises exclusive authority over all board appointment decisions.
OpenAI is pursuing plans for a public market debut in 2026 or early 2027, potentially targeting a $1 trillion enterprise value. Industry observers anticipate that milestone will coincide with the resolution of Altman’s equity compensation arrangement.
