OpenAI capital stack
~$500B-valued lab funded by Microsoft, SoftBank, Nvidia, MGX, Thrive
OpenAI's 2025 recapitalization (conversion to a PBC under a nonprofit foundation) enabled mega-rounds led by SoftBank valuing it near $500B, with Microsoft, Nvidia, MGX, Thrive Capital, and others participating. OpenAI simultaneously signed hundreds of billions in compute commitments (Nvidia, AMD, Broadcom custom chips, Oracle, CoreWeave), making it the demand anchor of the entire buildout. Its financing and compute deals are the connective tissue linking nearly every other node in this layer.
Valuation
~$500B (2025)
Structure
PBC under nonprofit
Compute deals
$1T+ committed cumulatively
How it fits the stack
OpenAI capital stack with what it depends on (above) and what it feeds (below). The figure renders as a crawlable diagram and upgrades to an interactive 3D graph as it scrolls into view.
OpenAI capital stack in the AI stack. OpenAI capital stack with its immediate upstream dependencies (top) and downstream dependents (bottom) in the AI value chain. Hover a node in 3D, or read the full relationships below.
Graph data (text) — 3 entities, 2 relationships
- OpenAI PBC restructuring —depends on→ OpenAI capital stack
- OpenAI capital stack —partners with→ Broadcom
Context — capital, rivals, policy · · 1