Statement on OpenAI's Nonprofit and PBC
openai.com$500B current valuation (Sep 2025)
Nonprofit equity stake will exceed $100B
So the OpenAI nonprofit will control ~20% of the OpenAI PBC once the conversion is done. This says nothing about different share classes that determine control (the nonprofit will likely still have control of the PBC due to higher power voting shares). The biggest question is how much equity in the PBC Microsoft will get.
Related:
A joint statement from OpenAI and Microsoft
https://news.ycombinator.com/item?id=45216376
OpenAI Takes Big Steps Toward Its Long-Planned Reorganization