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Who owns OpenAI? Blockbuster deals complicate investor payouts

Microsoft, OpenAI’s staff and non-profit arm are due close to 90% of start-up. But Nvidia deal will dilute shareholders

OpenAI’s recent blockbuster deals have added a new layer to its complicated ownership structure, leading to more uncertainty over when and how its powerful shareholders will get an eventual payout.

The start-up became the world’s most valuable private company this month, surging to a $500bn valuation on the back of a major share sale, in between striking multibillion-dollar deals with chipmakers Nvidia and AMD.

Those deals will help the lossmaking group realise its ambition to deploy $1tn in computing power over the next few years.

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