How to achieve investment returns? The core question that has long troubled OpenAI investors is about to be resolved.

On September 17, according to tech media The Information, OpenAI is fundamentally transforming its equity structure through corporate restructuring, transitioning from a nonprofit limited-return model to a traditional corporate equity system.

According to The Information's analysis of data OpenAI shared with potential investors, in this $500 billion valuation restructuring plan, Microsoft, as the largest external supporter, will receive approximately 28% of shares, valued at about $140 billion. Current and former employees will collectively hold approximately 25% of shares, valued at about $125 billion.

The restructuring plan still requires approval from Microsoft and two state attorneys general. Once approved, new investors including Thrive Capital and SoftBank will no longer be constrained by the current return cap structure and will be able to obtain equity returns matching their substantial investments.

After restructuring, investors in the new $41 billion funding round led by SoftBank will collectively hold approximately 13% of shares, valued at about $65 billion. Institutions participating in this funding round include Founders Fund, Sequoia Capital, Andreessen Horowitz, and Dragoneer Investment Group.

**Microsoft Receives Largest Stake**

As OpenAI's most important strategic partner, Microsoft will hold approximately 28% of shares after restructuring, making it the largest single external shareholder.

This ownership percentage is equivalent to having approximately $140 billion in paper value under the $500 billion valuation, significantly higher than its rights under the current limited return structure.

However, according to previous reports, Microsoft's demands from OpenAI extend beyond just equity.

The company also seeks guaranteed usage rights to OpenAI's intellectual property after 2030. The final determination of these additional terms may affect the specific proportions of equity distribution.

**Employees and Nonprofit Organization Gain Important Positions**

Under the new equity structure, OpenAI's current and former employees will collectively receive approximately 25% of shares, valued at about $125 billion based on the $500 billion valuation.

This arrangement reflects recognition of talent value, particularly in the context of intense competition for key talent in the AI field.

The nonprofit board managing OpenAI is expected to receive approximately 27% of shares, valued at about $135 billion.

Under the current structure, the nonprofit organization has the right to receive all remaining profits generated by the for-profit division after other shareholders receive nearly $275 billion in profits.

**Early Investors See Substantial Returns**

The earliest investors in OpenAI's for-profit division, including Khosla Ventures, University of Michigan, Reid Hoffman Foundation, Gmail founder Paul Buchheit, and Y Combinator, will collectively receive a low single-digit percentage of equity.

According to informed sources, this portion of equity may approach 1% of the restructured company's shares, valued at approximately $5 billion.

These investors collectively invested $194 million in capital into the division in 2019. Despite the relatively small ownership percentage, considering the investment amount and timing, this still represents substantial investment returns.

**New Shareholders Gain Unexpected Benefits Through Acquisition**

Some of OpenAI's newest shareholders will also own significant stakes. Earlier this year, OpenAI acquired the mysterious hardware startup Io, founded by former Apple designer Jony Ive, for $5 billion in stock.

According to documents reviewed by The Information, Io's shareholders will own approximately 1.6% of the restructured OpenAI.

Based on the $500 billion valuation, this means investors including Thrive Capital, Emerson Collective, and SV Angel collectively own OpenAI shares worth $7.75 billion.

For investors in a startup that was only established one year ago, this represents quite favorable paper returns.