A "comet" is a thematic basket organized around a trigger event — the head is the catalyst (IPO, buildout, policy shift), the tail is the set of stocks expected to be dragged along in its wake.
OpenAI completed its capped-profit → for-profit recap in 2024-25 and is now valued at ~$157B with a possible IPO in 2026-27. Microsoft holds ~49% post-recap. Pull-along stocks: MSFT (direct stake + Azure exclusive), AAPL (Apple Intelligence fallback partner), chip suppliers (NVDA, AMD, TSM, MU, AVGO), colocation (DLR, EQIX), power (CEG, VST). Inverse: Anthropic-stack public proxies.
OPENAI is pre-IPO. Below: direct equity holders, plus the public-traded funds that give retail investors exposure.
| Holder | Type | Stake % | ~$B |
|---|---|---|---|
|
Microsoft Corporation ~49% economic interest post-recap; capped-return mechanics may convert at certain thresholds.
|
strategic | 49.00% | $76.93 |
|
Sam Altman + leadership team Founder + leadership equity post-recap; was famously $0 pre-2024.
|
founder | 7.00% | $11.00 |
|
Employees (option pool) Substantial option pool; periodic tender offers provide liquidity.
|
employee pool | 13.00% | $20.41 |
|
Thrive Capital Led Oct 2024 $6.6B round at $157B.
|
vc | 7.00% | $10.99 |
|
Khosla Ventures Vinod Khosla early backer (2019).
|
vc | 3.00% | $4.71 |
|
Reid Hoffman (Greylock / personal) Early board member + personal investor.
|
vc | 2.00% | $3.14 |
| Sequoia Capital | vc | 3.00% | $4.71 |
|
Tiger Global / Coatue / Andreessen Late-stage syndicate.
|
vc | 5.00% | $7.85 |
|
Founders Fund + Y Combinator Y Combinator was 2015 incubator + first cheque.
|
vc | 3.00% | $4.71 |
|
SoftBank Vision Fund Largest single check in Oct 2024 round ($1.5B).
|
vc | 4.00% | $6.28 |
|
Nvidia (direct stake) Participated in Oct 2024 round; small percent of total.
|
strategic | 1.00% | $1.57 |
|
Apple (announced but withdrew) Apple was reportedly part of Oct 2024 round but withdrew before close. Still a partnership stakeholder.
|
strategic | 0.00% | $0.00 |
| Other VCs + secondary holders | vc | 3.00% | $4.70 |
| Vehicle | Ticker | Alloc % |
|---|---|---|
|
Microsoft (public proxy) ~49% economic interest in OpenAI — the cleanest public retail proxy.
|
MSFT | — |
|
Nvidia (public proxy) Small direct stake + every OpenAI training run is NVDA revenue.
|
NVDA | — |
|
Apple (public proxy) Apple Intelligence partnership — Apple's only AI fallback partner today.
|
AAPL | — |
|
Oracle (public proxy) Stargate equity partner — OpenAI's $500B mega-DC consortium.
|
ORCL | — |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| OPENAI | OpenAI | 1 | 1.00 | — | — | — | — | — | Private head — pre-IPO; no quote. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| MSFT | Microsoft Corp. | 1 | 0.95 | $556.58 | 1.00× | ▲ 6.83% | ▲ 4.82% | ▲ 17.69% | Largest external owner (~49% post-recap, capped-return mechanics); Azure exclusive cloud. |
| AAPL | Apple Inc. | 2 | 0.75 | $349.37 | 0.63× | ▲ 5.26% | ▲ 1.61% | ▲ 28.91% | Apple Intelligence partnership — OpenAI as ChatGPT fallback in iOS 18+. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| NVDA | NVIDIA Corp. | 2 | 1.30 | $200.20 | 0.36× | ▼ -3.14% | ▼ -7.05% | ▲ 6.01% | Primary chip supplier for OpenAI training/inference clusters. |
| AMD | Advanced Micro Devices | 3 | 1.20 | $488.48 | 0.88× | ▲ 0.95% | ▼ -15.55% | ▲ 118.59% | Second-source MI300/MI350 option. |
| MU | Micron Technology | 3 | 1.25 | $795.41 | 1.43× | ▼ -6.98% | ▼ -19.10% | ▲ 152.17% | HBM3E for OpenAI infrastructure. |
| TSM | Taiwan Semiconductor (TSMC) | 3 | 1.00 | $394.64 | 0.71× | ▼ -2.51% | ▼ -10.21% | ▲ 23.47% | Foundry for OpenAI's rumored custom chip. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| AVGO | Broadcom Inc. | 3 | 1.05 | $325.66 | 0.59× | ▼ -1.95% | ▼ -7.43% | ▼ -6.32% | Custom silicon partner for hyperscaler-class OpenAI infra (rumored). |
| DLR | Digital Realty Trust | 3 | 0.90 | $185.03 | 0.33× | ▲ 2.65% | ▲ 2.93% | ▲ 19.35% | DC capacity provider. |
| EQIX | Equinix Inc. | 3 | 0.90 | $1,054.46 | 1.89× | ▲ 3.95% | ▲ 4.64% | ▲ 38.00% | Interconnect for multi-region inference. |
| VRT | Vertiv Holdings | 4 | 1.25 | $205.20 | 0.37× | ▼ -13.04% | ▼ -15.54% | ▲ 16.85% | Liquid cooling for training racks. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| CEG | Constellation Energy | 4 | 1.10 | $245.66 | 0.44× | ▼ -6.74% | ▼ -4.81% | ▼ -32.93% | Nuclear baseload — MSFT/OpenAI signed Three Mile Island restart deal. |
| ORCL | Oracle Corp. | 4 | 0.95 | $123.92 | 0.22× | ▼ -1.80% | ▼ -14.27% | ▼ -36.68% | Stargate equity partner (OpenAI mega-DC consortium). |
| VST | Vistra Corp. | 4 | 1.15 | $120.28 | 0.22× | ▼ -13.83% | ▼ -15.72% | ▼ -27.20% | Texas + nuclear power. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| GOOGL | Alphabet Inc. | 5 | 0.70 | $289.11 | 0.52× | ▲ 3.24% | ▼ -11.01% | ▼ -8.26% | Inverse exposure — if OpenAI consolidates AI share, GOOGL Gemini drag. |
Ratio column: member price ÷ MSFT $556.58 (head price; falls back to closest proxy when head is pre-IPO).
Public view · read-only · server-rendered.