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keep in mind a lot of $3B is ClosedAI paper money, so 75x ain't that ridiculous.

Do you know the cash / equity split?

I do know that OpenAI doesn't have 3B in cash to just throw around.

So, I'd be inclined to believe the vast majority of the deal is stock (or whatever that is called pre-IPO).

Companies don't do these acquisitions with cash on hand. It's OpenAI and the whole pool of their creditors and investors.

oai has PPUs

I think the PPUs are just for employees but investors get equity?