600 OpenAI employees cashed out $6.6B in a single tender last October. About 75 sold the full $30M cap. The other 525 averaged roughly $8.3M each. The sale priced OpenAI at $500B. The company is now valued at $852B and has confidentially filed for an IPO. No shares have traded publicly. Google's 2004 IPO made about 1,000 paper millionaires. OpenAI made 600 cash ones while still private. Staff had to hold stock for two years before selling, so anyone who joined after ChatGPT launched was locked out of this window. Paper wealth waits for a bell. Cash doesn't. The bell hasn't rung. The money already left the building.