OpenAI’s Capitalization Table Is Revealed: Microsoft Gets a 17x Return, SoftBank Gains $50 Billion, and Sam Altman Holds No Stake

Summary

• Microsoft’s investment of approximately $13 billion in OpenAI has surged to a value of roughly $228 billion, representing a 17-fold return.
• SoftBank committed $64.6 billion and has seen a gain of over $50 billion, with its current holdings valued at about $99.3 billion.
• OpenAI CEO Sam Altman currently possesses no equity in the firm.
• The OpenAI Foundation maintains a 25.8% stake at no cost and retains full authority over board appointments.
• Nvidia is currently seeing a slight loss, with its $30.1 billion cost basis exceeding its $29.6 billion current valuation.

(SeaPRwire) –   A leaked capitalization table detailing the ownership structure of OpenAI has been circulating online since early April. The data, shared on X by investor Sheel Mohnot, appears to be compiled from secondary-market information and public filings. It estimates OpenAI’s current post-money valuation at $852 billion following a $122 billion funding round.

The OpenAI cap table reveals two distinct narratives.

Microsoft invested $13B and is now sitting on $228B, a 17.6x return. Ashton Kutcher’s Sound Ventures invested $30M and now has $1.3B, a 43x return. The original angels from 2015 are seeing gains of approximately 140x.

Then there is the more recent capital. SoftBank provided a… https://t.co/eRRDYgR6AI pic.twitter.com/KJCSmRwuVu

— Aakash Gupta (@aakashgupta) April 2, 2026

The document breaks down the ownership percentages, investment costs, and return multiples for every major stakeholder. These figures provide the most transparent look yet at who stands to benefit when OpenAI eventually launches an initial public offering.

Microsoft is the primary beneficiary according to the table. The corporation invested roughly $13 billion across several phases—starting with $1 billion in 2019, followed by $10 billion in January 2023, and an additional $2 billion in 2024. Its 26.79% share is now estimated to be worth $228.3 billion, a return of about 17.6x. No other investor has achieved a similar multiple at this scale.

While 10-Q filings verify the $13 billion investment, OpenAI recently identified Microsoft as a business risk in an investor document, pointing to cloud exclusivity and revenue-sharing terms.

SoftBank has committed $64.6 billion to the company, making it the largest cash investor behind Microsoft. Its 11.66% stake is now valued at approximately $99.3 billion, putting SoftBank up by more than $50 billion. CNBC reported that SoftBank fully met its $40 billion funding commitment by December 2025, utilizing a bridge loan from Goldman Sachs and JPMorgan.

Significant Multiples for Early Backers

Early-stage investors saw the highest return multiples, though their total dollar gains were lower. Khosla Ventures invested roughly $50 million in 2019, and its stake is now worth about $1.5 billion—a 30x return. Sound Ventures, co-founded by actor Ashton Kutcher, invested between $20 million and $30 million and is now sitting on roughly $1.3 billion, a 43x multiple. Thrive Capital’s $3.5 billion investment has grown into a 1.98% stake worth $16.9 billion.

Nvidia is the only major name currently in the red. It holds a 3.47% stake in OpenAI, valued at $29.6 billion against a cost basis of $30.1 billion. A significant portion of Nvidia’s contribution was made via GPU compute credits rather than cash, which complicates the calculation of its return.

Sam Altman Currently Holds No Stake

One of the most notable details in the table is that Sam Altman, who has served as CEO since 2019, holds no equity in OpenAI. His stake is currently listed as “to be determined.” OpenAI board chair Bret Taylor confirmed in October 2024 that no specific equity amounts had been finalized. Altman has also denied reports of a pending equity grant during a company-wide meeting.

The OpenAI Foundation, the original nonprofit entity, holds 25.8% of the company at no cost—resulting in an infinite return multiple on an estimated $219.8 billion in value. Despite being a minority economic stakeholder, the Foundation maintains 100% control over board appointments.

OpenAI is reportedly preparing for an IPO in 2026 or early 2027, with a potential valuation of $1 trillion. That event is widely expected to be when Altman’s equity situation is finally settled.