Leaked OpenAI Cap Table Shows Microsoft’s 17x Gain, SoftBank’s Big Position, and Altman at Zero

Overview

• A reconstructed ownership spreadsheet circulating since early April maps OpenAI’s investors after a $122 billion raise that set an $852 billion valuation, with the document posted on X by investor Sheel Mohnot.
• Microsoft holds 26.79% now estimated at $228.3 billion on roughly $13 billion invested, a 17.6x return that aligns with figures in Microsoft’s 10‑Q filings.
• SoftBank is listed at 11.66% worth about $99.3 billion after committing $64.6 billion, with CNBC reporting it completed a $40 billion tranche by December 2025 using a bridge loan arranged by JPMorgan and Goldman Sachs.
• The OpenAI Foundation, the original nonprofit, is shown with a 25.8% stake acquired at no cost and full control over board appointments, underscoring a split between economic ownership and governance.
• CEO Sam Altman’s line shows no equity with his stake marked TBD, and reporting ties any resolution to a planned 2026–early 2027 IPO, while Nvidia’s 3.47% is slightly underwater because much of its contribution came as GPU credits rather than cash.