The most significant change in OpenAI’s restructuring may be the simplest: the 100x return cap is gone.
What Changed:
In 2019, OpenAI created a “capped-profit” structure. Investors could earn returns up to 100x their investment, after which all proceeds would flow to the nonprofit.
In 2025, that cap was removed entirely.
Why It Mattered:
The cap was ideological — it signaled that OpenAI wasn’t optimizing for unlimited returns. It was a structural commitment to mission over profit.
Why It Was Removed:
Competing with conventional corporate structures (Anthropic, Google, xAI)
Attracting talent with conventional equity packages
Clearing the path for an IPO
Enabling larger capital raises
The Trade-Off:
For investors: Unlimited upside, conventional equity
For employees: $130B in employee equity (26% of company)
For the mission: The structural commitment to “enough is enough” is gone
The Question:
Can a company with unlimited profit incentives remain aligned with an unmonetizable mission?
Gennaro is the creator of FourWeekMBA, which reached about four million business people, comprising C-level executives, investors, analysts, product managers, and aspiring digital entrepreneurs in 2022 alone | He is also Director of Sales for a high-tech scaleup in the AI Industry | In 2012, Gennaro earned an International MBA with emphasis on Corporate Finance and Business Strategy.
