en.wikipedia.org/wiki/OpenAI

OpenAI’s 2019 restructuring created a *capped-return* / *capped-profit* vehicle in which **economic returns to investors (and employees)** are capped (with a widely reported early cap of **100× an investor’s principal**). It is therefore inaccurate to describe this as “the profit being capped at 100 times any investment,” which implies OpenAI’s *profits* were capped at 100×. Evidence: - TechCrunch (quoting OpenAI’s own announcement at the time) explains that **“economic returns for investors and employees are capped”** and that **“Returns for our first round of investors are capped at 100x their investment.”** This is a cap on investor/employee returns, not a cap on OpenAI’s profits. - TIME similarly summarizes the structure as: **“Initial investors’ returns are capped at 100 times their investment.”** So the article’s phrasing should refer to **capped returns** (or capped distributions) rather than “profit being capped at 100 times any investment.”