OpenAI is the highest-valuation private company in tech that grants employee equity. The March 2026 Series H priced the company at $852B post-money, with SoftBank, Amazon, and Nvidia among the key backers. With roughly 1.5 billion fully-diluted units outstanding, that implies a per-unit value of approximately $568.
But OpenAI doesn't grant traditional options or RSUs. It grants Profit Participation Units (PPUs) — a structure unique to the company. Understanding what you actually own is the first step to valuing it.
How PPUs differ from RSUs and options
Legally, a PPU is a right to share in distributions from OpenAI's for-profit subsidiary. There is no strike price (so no exercise decision), and no shares physically transfer to you. When the entity makes a distribution — either through a tender offer or a liquidity event — your PPU pays out in cash or shares of whatever security exists at that point.
Economically, they behave very much like an RSU: you accrue value as the company grows, you receive proceeds at vesting events or distributions, and you owe ordinary-income tax on what you receive. The main practical difference is that PPU payouts depend on OpenAI's profit pool — they aren't strictly tied to the company's overall enterprise value the way stock would be.
Secondary market signals
OpenAI is unusual for a private company in that secondary trades happen frequently and have settled close to the primary round. Forge and Hiive have shown trade prints within 5% of the Series H implied price — an unusually tight spread that signals strong secondary demand and limited employee supply.
Historically, late-stage private secondaries trade at a 10–25% discount to primary. The tight spread on OpenAI reflects strong institutional interest and a widely-held expectation of further appreciation or a near-term liquidity event.
What this means for current employees
OpenAI reported approximately $24B in annualised revenue in early 2026, growing rapidly. At $852B, the company trades at roughly 35× revenue — a premium that reflects expected continued growth and the company's dominant position in the AI market.
If you joined OpenAI in the last three years and received PPUs, your most likely path to realising value remains a future tender offer or eventual IPO. The gap between unit grants and current fair value is now substantial for any employee who joined before 2025.
If you're modelling your OpenAI grant, run the calculator with equity type set to PPU and strike price $0. The math is identical to an RSU; the tax treatment at distribution is the only real difference, and it's beyond what a generic calculator can capture.