> In pursuit of our mission to ensure advanced AI benefits all of humanity, OpenAI remains a capped-profit company and is governed by the OpenAI non-profit. This structure allows us to raise the capital we need to fulfill our mission without sacrificing our core beliefs about broadly sharing benefits and the need to prioritize safety.
All this time, I was entirely unaware of this.
The cap is 100x, so assuming Microsoft is investing billions in a current valuation of $29 billion as rumoured, the cap will only really come into place once OpenAI becomes the most valuable company in the world.
It must have been in the first round [1], but leaves open the question of whether this is still the case:
> Returns for our first round of investors are capped at 100x their investment (commensurate with the risks in front of us), and we expect this multiple to be lower for future rounds as we make further progress.
Isn't this a wild cap? I'm not an expert but I am aware of private deals that are less than 10x for similar structures.
Yes, it's pure marketing and totally disingenuous. It's like being called OpenAI while nothing is open. It's interesting research done by terrible people.