OpenAI is a leading artificial intelligence research and deployment company, founded in December 2015 by Sam Altman, Greg Brockman, Ilya Sutskever, and other AI pioneers, headquartered in San Francisco. Initially structured as a nonprofit with a “capped‑profit” arm to attract investment, it developed the GPT family along with DALL·E, Whisper, Codex, Sora, and more. In early 2025, OpenAI acquired Jony Ive’s hardware design startup “io” for $6.5 billion, marking a major move into consumer AI devices. It also launched Stargate LLC, a joint venture with SoftBank, Oracle, and others to build a multibillion‑dollar global AI infrastructure network
Financially, OpenAI is on a meteoric trajectory: it reached an annualized revenue of $10 billion as of June 2025 (up from $5.5 billion in December 2024) and is targeting $12.7 billion in total revenue for 2025, with forecasts projecting an annualized revenue run rate of $15B+
It’s backed by a staggering $40 billion funding round led by SoftBank at a $300 billion post‑money valuation, set to close across two tranches in 2025. However, investors should note that OpenAI expects to remain cash-flow negative through 2028–29 due to heavy infrastructure and talent investments.
With deep integration into Microsoft’s cloud ecosystem (~$13 billion in Azure investment, capped-profit revenue sharing) and over 700 million weekly ChatGPT users, OpenAI offers exposure to both breakthrough AI products and foundational AI infrastructure developments.
This opportunity is a preferred PPU (OpenAI's share equivalent) secondary, enabling a best-in-market alternative to the current employee tender.
This investment opportunity is offered in partnership with Duende Capital Partners and Blackbox Ventures, LLC. The opportunity is available to Qualified Purchasers only.
Disclaimers and instructions:
This investment opportunity is available to accredited investors only. Members interested in participating will need to register and confirm their accreditation status on Sydecar. You can begin this process by clicking "Learn More"
The opportunity is made available by KCA Select Ventures, LLC, in partnership with Duende Capital Partners and Blackbox Ventures, LLC, through Sydecar, an industry-leading platform ensuring compliance, security, capital transfers, distributions.
You will need to confirm that you know Blackbox Ventures, LLC, and have a pre-existing relationship on Sydecar in order to participate in the opportunity.