During a Y Combinator event on Tuesday night, Sam Altman stated that he would offer $2 million worth of OpenAI tokens to all startups in the current batch. In return, he is seeking equity in each startup.
OpenAI Proposes $2 Million in Tokens to All Current YC Batch Startups in Exchange for Equity
This article is a translation. Read the Japanese original
OpenAI is investing through the allocation of AI tokens that can be used for product development rather than cash. According to the YC directory, the current batch includes approximately 169 companies.
The percentage of equity is not fixed at the time of the contract. It depends on the valuation at the time of the first priced round. YC Managing Director Jared Friedman told TechCrunch that this deal is being offered as an "uncapped SAFE."
An uncapped SAFE does not set a ceiling on the valuation. Since a higher valuation at the time of conversion results in a smaller percentage of equity for the investor, this can be advantageous for founders.
Calculations appearing on X suggest that if a startup reaches a $100 million valuation, OpenAI's stake would be approximately 2%. However, this cannot be verified as the actual terms have not been confirmed.
This deal offers a double advantage for OpenAI. It allows them to acquire equity in early-stage companies and profit if they succeed, while also encouraging startups to build their businesses on OpenAI's infrastructure.
The tokens themselves add to the appeal of the deal. As inference costs continue to decline, what is provided today may be generatable at a very low cost tomorrow.
Some startups have expressed that this would help reduce AI infrastructure costs. On the other hand, there is persistent wariness toward Big Tech.
Seed investor Jason Calacanis warned that OpenAI could study and copy the ideas of these startups, urging caution and calling it a typical platform strategy.
However, some view that holding equity strengthens OpenAI's incentive for the startups to succeed. Altman is also a former head of YC and is in a position to have sufficient access to the ideas of each batch regardless of whether this deal takes place.
YC typically acquires 7% equity for a $500,000 cash investment. For startups, the question is the balance between a token budget from a single AI player and the additional transfer of equity.
Source: Sam Altman makes 'mic drop' offer to every Y Combinator startup（HN 43pt・31コメント） (HN Search (backfill), 2026-05-21)