OpenAI Startup Fund SPVs

OpenAI Startup Fund is mentioned as a PIPE investor in Churchill Capital Corp X's merger with Infleqtion Inc (quantum computing company). This appears in two 425 filings from Churchill Capital Corp X (CIK 0002007825) dated 2025-10-06 and 2026-02-09. The specific fund entity and investment amount are not confirmed without reading the full PIPE investor table.

Total documented capital raised across the OpenAI Startup Fund family: approximately $304.4M. Fund I: $175,250,000 (Section 3(c)(1)); SPV I: $10M; SPV II: $25M; SPV III: $5M; SPV IV: $44.9M; SPV V: $44.3M; SPV VI: $0 as of initial filing (Aug 2025). All SPVs use Section 3(c)(7) exemption (qualified purchasers only).

Ian Hathaway manages both the FOVC Fund I GP LLC and OpenAI Startup Fund Management LLC — an isolated 3-node cluster showing the fund management structure sits outside the main OpenAI graph

Graph component: Ian Hathaway <-> FOVC Fund I GP LLC <-> OpenAI Startup Fund Management LLC. This cluster is isolated from the main Altman graph and from the separate Bobby Wu <-> OpenAI Startup Fund SPV I LP cluster. Ian Hathaway is a venture partner at Andreessen Horowitz who co-manages the OpenAI Startup Fund. FOVC Fund I GP LLC is a separate vehicle not traced in findings. The disconnection between Hathaway's management entity and the SPV-level entities (Bobby Wu, OAI ORG LLC) suggests different documentation layers of the same fund structure.

Ian Hathaway manages both the FOVC Fund I GP LLC and OpenAI Startup Fund Management LLC — an isolated 3-node cluster showing the fund management structure sits outside the main OpenAI graph

OpenAI Startup Fund entity family comprises 15 Delaware entities in 5 tranches: Management LLC + GP I + Fund I (Jul 2021); SPV GP I + SPV I (Dec 2023); SPV GP II/III + SPV II/III (Apr 2024); SPV GP IV + SPV IV (May 2024); SPV GP V + SPV V (Nov 2024); SPV GP VI + SPV VI (Jul 2025). All entities use Corporation Service Company or CT Corp as Delaware registered agent.

Ian Hathaway (not Sam Altman) is the named executive officer and signer for all six OpenAI Startup Fund SPVs (Form D filings 2024-02-02 through 2025-08-05). His title varies: 'Managing Member of the General Partner' (SPV I) and 'Manager of the Managing Member of the General Partner' (SPV II-VI). Altman does not appear on any SPV Form D.

All six OpenAI Startup Fund SPVs (I through VI) were incorporated after November 2023 — the month Altman was fired and rehired as OpenAI CEO. SPV GP I and SPV I LP were formed December 5, 2023 (weeks after the crisis). This timing strongly correlates the SPV proliferation with post-governance-crisis organizational restructuring, likely including the removal of Altman from direct fund management.

The OpenAI Startup Fund uses three sequential San Francisco addresses across its entity lifecycle: (1) 3180 18th Street, SF 94110 — Fund I, SPV I, SPV III; (2) 1960 Bryant Street, SF 94110 — SPV II, IV, V; (3) 1455 3rd Street, SF 94158 — SPV VI (OpenAI's Mission Bay HQ). Each address shift tracks approximate OpenAI office moves.

All OpenAI Startup Fund Delaware GP entities use one of two major registered agents: Corporation Service Company (CSC) for GP I through GP IV (2021-2024), and The Corporation Trust Company (CT Corp) for GP V and GP VI (2024-2025). Registered address for all: New Castle, Delaware. The switch between agents occurred between May and November 2024.