Planning for an OpenAI Tender Offer or IPO

A practical guide for taxes, concentration risk and liquidity decisions.

Inside this guide, you’ll discover:

• What makes OpenAI equity unique: Understand how Profit Participation Units (PPUs) and Restricted Stock Units (RSUs) may affect timing, taxation and liquidity planning
• Tax planning before liquidity: Model your potential capital gains, estimated tax payments and sell-to-cover obligations before a liquidity event
• Concentration risk: Understand when your income, unvested equity and investments are tied to the same company
• Risk management: Protect the balance sheet you’ve already built before liquidity changes it overnight
• Foundational estate planning: Ensure your intentions and the people you care about are protected as your net worth grows

Why This Guide Matters

OpenAI employees face a liquidity moment unlike most. Tender windows can be short. IPO lock-up periods can delay access to proceeds. And the structural complexity of PPUs versus RSUs means tax outcomes may vary significantly based on when and how you act.

Without planning ahead, you risk:

• Reacting under pressure with limited time
• An unexpected and avoidable tax bill
• Overconcentration in a single company’s fortunes
• Missing the window entirely

This guide helps you slow down before speeding up—so the decisions you make are intentional, not reactive.