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 | $390.36 | 1.00× | ▼ -1.86% | ▼ -1.33% | ▼ -17.46% | Largest external owner (~49% post-recap, capped-return mechanics); Azure exclusive cloud. |
| AAPL | Apple Inc. | 2 | 0.75 | $326.28 | 0.84× | ▼ -0.45% | ▼ -0.37% | ▲ 20.39% | 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 | $212.06 | 0.54× | ▲ 2.30% | ▼ -0.21% | ▲ 12.29% | Primary chip supplier for OpenAI training/inference clusters. |
| AMD | Advanced Micro Devices | 3 | 1.20 | $552.85 | 1.42× | ▲ 1.55% | ▲ 4.48% | ▲ 147.39% | Second-source MI300/MI350 option. |
| MU | Micron Technology | 3 | 1.25 | $959.22 | 2.46× | ▼ -1.19% | ▲ 6.08% | ▲ 204.11% | HBM3E for OpenAI infrastructure. |
| TSM | Taiwan Semiconductor (TSMC) | 3 | 1.00 | $421.14 | 1.08× | ▼ -0.82% | ▲ 0.39% | ▲ 31.77% | Foundry for OpenAI's rumored custom chip. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| AVGO | Broadcom Inc. | 3 | 1.05 | $397.16 | 1.02× | ▲ 2.76% | ▲ 0.73% | ▲ 14.25% | Custom silicon partner for hyperscaler-class OpenAI infra (rumored). |
| DLR | Digital Realty Trust | 3 | 0.90 | $178.45 | 0.46× | ▼ -0.48% | ▲ 1.35% | ▲ 15.10% | DC capacity provider. |
| EQIX | Equinix Inc. | 3 | 0.90 | $1,028.25 | 2.63× | ▲ 0.04% | ▲ 0.55% | ▲ 34.57% | Interconnect for multi-region inference. |
| VRT | Vertiv Holdings | 4 | 1.25 | $301.22 | 0.77× | ▼ -1.08% | ▼ -1.10% | ▲ 71.53% | Liquid cooling for training racks. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| CEG | Constellation Energy | 4 | 1.10 | $274.97 | 0.70× | ▲ 4.86% | ▲ 6.53% | ▼ -24.92% | Nuclear baseload — MSFT/OpenAI signed Three Mile Island restart deal. |
| ORCL | Oracle Corp. | 4 | 0.95 | $125.85 | 0.32× | ▼ -0.94% | ▼ -5.01% | ▼ -35.70% | Stargate equity partner (OpenAI mega-DC consortium). |
| VST | Vistra Corp. | 4 | 1.15 | $166.71 | 0.43× | ▲ 2.70% | ▲ 4.04% | ▲ 0.90% | Texas + nuclear power. |
| Sym | Company | Wake | Beta | Price | Ratio | 1D % | 7D % | YTD % | Rationale |
|---|---|---|---|---|---|---|---|---|---|
| GOOGL | Alphabet Inc. | 5 | 0.70 | $342.16 | 0.88× | ▼ -1.44% | ▼ -7.76% | ▲ 8.57% | Inverse exposure — if OpenAI consolidates AI share, GOOGL Gemini drag. |
Ratio column: member price ÷ MSFT $390.36 (head price; falls back to closest proxy when head is pre-IPO).
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