OpenAI vs Databricks: employee equity compared
Secondary market prices, valuation trajectory, equity structure, and liquidity outlook for employees choosing between OpenAI and Databricks.
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
Databricks
Data & AI platform — Delta Lake, MLflow, Unity Catalog, plus the Mosaic foundation-model stack.
IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
Sticky enterprise ARR; ISO/NSO options; IPO imminent when ARR > $1B
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. Databricks grants ISO/NSO with strike prices from $85–$110.
Secondary market premium
The secondary market is pricing OpenAI at a +0% premium over its last primary round ($852B → $853B). Databricks trades at +0% over its last round ($134B → $134B). 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). Databricks runs at $5.4B ARR, growing +65% YoY (fast). 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.
Databricks: IPO highly anticipated, likely 2026–2027 given massive scale. One of the most closely watched pre-IPO names in tech.
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.