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 | $380.32 | 1.00× | ▼ -0.79% | ▼ -2.60% | ▼ -19.58% | Largest external owner (~49% post-recap, capped-return mechanics); Azure exclusive cloud. |
| AAPL | Apple Inc. | 2 | 0.75 | $314.91 | 0.83× | ▲ 0.49% | ▲ 2.03% | ▲ 16.20% | 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 | $201.47 | 0.53× | ▼ -1.30% | ▲ 3.41% | ▲ 6.68% | Primary chip supplier for OpenAI training/inference clusters. |
| AMD | Advanced Micro Devices | 3 | 1.20 | $553.37 | 1.46× | ▲ 6.95% | ▲ 6.87% | ▲ 147.63% | Second-source MI300/MI350 option. |
| MU | Micron Technology | 3 | 1.25 | $1,017.94 | 2.68× | ▲ 7.29% | ▲ 4.34% | ▲ 222.73% | HBM3E for OpenAI infrastructure. |
| TSM | Taiwan Semiconductor (TSMC) | 3 | 1.00 | $444.04 | 1.17× | ▲ 1.61% | ▲ 2.27% | ▲ 38.93% | Foundry for OpenAI's rumored custom chip. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| AVGO | Broadcom Inc. | 3 | 1.05 | $401.16 | 1.05× | ▲ 3.21% | ▲ 11.29% | ▲ 15.40% | Custom silicon partner for hyperscaler-class OpenAI infra (rumored). |
| DLR | Digital Realty Trust | 3 | 0.90 | $179.61 | 0.47× | ▲ 1.88% | ▲ 3.64% | ▲ 15.86% | DC capacity provider. |
| EQIX | Equinix Inc. | 3 | 0.90 | $1,035.99 | 2.72× | ▲ 1.97% | ▲ 3.39% | ▲ 35.58% | Interconnect for multi-region inference. |
| VRT | Vertiv Holdings | 4 | 1.25 | $328.21 | 0.86× | ▲ 3.27% | ▲ 9.21% | ▲ 86.89% | Liquid cooling for training racks. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| CEG | Constellation Energy | 4 | 1.10 | $247.72 | 0.65× | ▲ 1.31% | ▲ 3.54% | ▼ -32.36% | Nuclear baseload — MSFT/OpenAI signed Three Mile Island restart deal. |
| ORCL | Oracle Corp. | 4 | 0.95 | $146.21 | 0.38× | ▲ 4.07% | ▲ 4.23% | ▼ -25.29% | Stargate equity partner (OpenAI mega-DC consortium). |
| VST | Vistra Corp. | 4 | 1.15 | $158.13 | 0.42× | ▲ 2.13% | ▲ 4.68% | ▼ -4.30% | Texas + nuclear power. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| GOOGL | Alphabet Inc. | 5 | 0.70 | $353.34 | 0.93× | ▼ -2.37% | ▼ -1.83% | ▲ 12.12% | Inverse exposure — if OpenAI consolidates AI share, GOOGL Gemini drag. |
Ratio column: member price ÷ MSFT $380.32 (head price; falls back to closest proxy when head is pre-IPO).
Public view · read-only · server-rendered.