OpenAI Cap Table Leak Reveals Microsoft's 18x Return, SoftBank's $50B Gain, And A CEO Who Owns Nothing

Reconstructed OpenAI cap table from public filings and secondary-market disclosures shows a post‑money valuation of $852 billion.

Microsoft has $13 billion documented in 10‑Q filings and provided an additional $10 billion in January 2023 across its commitments.

Microsoft holds 26.79% of OpenAI, an implied stake value of $228.3 billion, an unrealized gain of $215.3 billion, and an approximate 17.6x return multiple.

SoftBank’s total OpenAI commitment is estimated at $64.6 billion with a blended 1.5x multiple; its current stake is 11.66% with an implied value of $99.3 billion.

The blended 1.5x figure implies roughly a $34.7 billion gain for SoftBank, and at the $852 billion post‑money valuation SoftBank is up over $50 billion cumulatively versus initial investments.