OpenAIPPU
OpenAI equity calculator: value your PPUs using secondary market data
Calculate the real value of your OpenAI PPU grant using the latest secondary market prices from Hiive and Forge. Four independent methods, free, no account required.
OpenAI — current market snapshot
Last primary round
$852B
Series H · 2026-03
Secondary market
$1.1T
+27% vs primary · Forge · 2026-06
Annual revenue (ARR)
$24.0B
+60% YoY
Equity type
PPU
Key things to know
- →OpenAI PPUs have no strike price — enter your unit count and vesting status.
- →Secondary market implies ~$875B (slightly above the $852B Series H).
- →PPUs are taxed as ordinary income at distribution — plan accordingly.
- →Use Method B (secondary-implied) as your primary reference for current market value.
Open the calculator
Enter your actual shares, equity type, and strike price. PrivatePulse uses secondary market data and four independent valuation methods to give you a defensible range.
Calculate my OpenAI equity →Free · No account required · Takes 2 minutes
Liquidity outlook for OpenAI
IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
As a PPU holder, you don't exercise — you receive value at distribution events (tender offers or IPO/liquidity). No exercise cost, no AMT. The downside: no control over timing.
Frequently asked questions
What is my OpenAI equity worth right now?↓
OpenAI's Series H (close) (2026) valued the company at $852B. Secondary market data (Hiive, Forge, Caplight) gives a live read on implied valuation — PrivatePulse tracks this and updates every week. Multiply your vested PPUs by the implied share price — or use the PrivatePulse calculator to get a full 4-method valuation range.
When will OpenAI go public or offer liquidity?↓
OpenAI is at $852B and widely considered a near-term IPO candidate. An offering could arrive in 2026–2027 depending on market conditions. Tender offers have provided partial liquidity while employees wait.
When do OpenAI PPUs vest?↓
OpenAI PPUs typically vest over 4 years with a 1-year cliff — 25% after your first year, then monthly or quarterly thereafter. Check your grant agreement for the exact schedule, as some refreshes vest on a shorter cadence. Vested PPUs are worth (number of units × implied share price); use the PrivatePulse calculator to apply the latest $852B valuation.
How do OpenAI PPUs (Profit Participation Units) work?↓
OpenAI grants PPUs rather than traditional equity. PPUs carry no strike price and no exercise decision — vested units are distributed at their fair market value at liquidity events (tender offers, IPO, or acquisition). They are taxed as ordinary income at distribution, not as capital gains, so there is no AMT risk from early exercise. The trade-off is that long-term capital gains treatment is not available. Treat each PPU as worth approximately one share at the implied $852B valuation.
More OpenAI equity guides
Software Engineer at OpenAI
OpenAI software engineers receive PPUs (Profit Participation Units), not traditional options. Here's what your grant is worth based on secondary market data and our 4-method valuation.
Machine Learning Engineer at OpenAI
ML Engineers at OpenAI are among the highest-compensated in tech. Here's what your PPU grant is worth at the $852B Series H valuation — and what the secondary market says.
Product Manager at OpenAI
PMs at OpenAI receive PPU grants in the $300K–$1.5M range. Here's how to value them using secondary market data and PrivatePulse's 4-method calculator.
Engineering Manager at OpenAI
Engineering managers at OpenAI sit at the intersection of technical and leadership compensation. Here's how your PPU grant compares to the secondary market.