OpenAI’s Cap Table Just Leaked. Here’s What’s Actually Inside.

Sam Altman owns 0%. SoftBank is up $50 billion. And the nonprofit situation is stranger than anyone realized.

A reconstructed cap table for OpenAI Group PBC started circulating this week. Labeled “strictly confidential — estimated/reconstructed — not an official disclosure,” it’s already the most discussed document in tech finance right now.

The headline numbers alone are enough to stop you cold.

Post-money valuation: $852 billion. Round size committed: $122 billion. And sitting in the CEO row, highlighted in yellow: Sam Altman. None/Pending.

The person running the most valuable private company in history appears to own zero equity in it.

Four things jumped out immediately:

• Sam Altman shows 0% ownership with a “None/Pending” designation

• SoftBank committed ~$64.6B for 11.75% of the cap table and is already up $50 billion in paper gains

• The OpenAI Foundation sits at the top of the governance structure with 2.6 billion shares and genuinely unclear liquidity rights

• The entire investor roster, from Microsoft to Khosla to early angels now heavily diluted, is visible for the first time

The full breakdown, shareholder by shareholder, is shared in this article.

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What we’re sharing below (for premium subs)

1. Every shareholder, share count, and share class from the leaked cap table, broken down by category

2. The Sam Altman situation — what “None/Pending” actually means and the theories about why the CEO of an $852B company shows no equity position

3. The SoftBank numbers — how an 11.75% stake at a $730B pre-money became a $50B paper gain before the round even closed

4. The nonprofit structure and phantom equity — why the OpenAI Foundation’s position at the top of the cap table raises governance questions nobody has clean answers to

5. The full investor roster — from Microsoft and a16z down to the “Early Angels — Heavily Diluted” row, and what each position tells you about how this company was actually built

6. What this means for the IPO — and which shareholders are sitting on the most uncomfortable positions heading into a public offering

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1. OpenAI’s actual Cap Table: