OpenAI vs Cognition AI: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between OpenAI and Cognition AI.
OpenAI
Maker of ChatGPT, GPT-5, Sora and the OpenAI API.
IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
High-growth AI play; PPU (no exercise decision needed); fast-moving valuations reward timing
Cognition AI
Creator of Devin, the first fully autonomous AI software engineer.
IPO plausible 2027–2029 if growth trajectory holds. Secondary indication near primary round valuation. Liquidity may come via tender offer or strategic acquisition before listing.
High-growth AI play; ISO/NSO options; fast-moving valuations reward timing
Key differences for employees
Equity structure
OpenAI grants PPU — a profit participation unit unique to OpenAI. No strike price, no AMT risk. You receive cash or shares at distribution events. Cognition AI grants ISO/NSO with strike prices from $10–$20.
Secondary market premium
The secondary market is pricing OpenAI at a +0% premium over its last primary round ($852B → $853B). Cognition AI trades at +10% over its last round ($14B → $15.4B). A higher secondary premium signals stronger investor demand and potentially better near-term liquidity for employees looking to sell.
Revenue and growth
OpenAI runs at $24B ARR, growing +60% YoY (fast). Cognition AI runs at $0B ARR, growing +400% YoY (hypergrowth). Revenue growth rate matters for equity because it drives the peer-multiple valuation — the method most correlated with exit multiples.
Liquidity timeline
OpenAI: IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
Cognition AI: IPO plausible 2027–2029 if growth trajectory holds. Secondary indication near primary round valuation. Liquidity may come via tender offer or strategic acquisition before listing.
Calculate your specific grant
Enter your actual shares, equity type, and strike price. PrivatePulse calculates your personal equity value at both companies using 4 independent methods.