On October 13, 2025, Beijing time, according to the Financial Times, OpenAI has recently clinched several major deals, further complicating its ownership structure and sparking speculation about the timing and manner of shareholder returns. Through employee stock sales, OpenAI became the world's highest-valued non-public company this month, reaching a valuation of $500 billion. Meanwhile, the company has struck multi-billion-dollar deals with NVIDIA and AMD to facilitate the deployment of $1 trillion in computing power over the next few years. However, OpenAI's continuous need for funding means that investors' equity will be diluted in subsequent financing rounds, including shareholders such as Microsoft and SoftBank. The key to OpenAI achieving its vision lies in negotiating with Microsoft to transition it into a more traditional for-profit corporate structure, a necessary step before going public and the most likely path for investors to secure substantial returns.