🇺🇸OpenAI Startup Fund II filed a $400 million Form D; OpenAI solely funded the completed raise.

OpenAI Startup Fund II submitted a Form D to the U.S. Securities and Exchange Commission covering a $400 million offering. The reported filing said the fund had completed the raise, distinguishing it from a merely targeted offering amount.

An OpenAI spokesperson confirmed that OpenAI supplied all $400 million from its own balance sheet. The fund therefore differs from OpenAI’s first startup fund, which was established in 2021 with $175 million supplied entirely by outside investors, including Microsoft.

Under the first fund’s structure, OpenAI could receive part of the investment returns, but most of the economic benefit belonged to the limited partners. The source said the first fund invested in Cursor, which was acquired by SpaceX during August, and legal-AI company Harvey.