速递｜Meta挖角倒逼OpenAI加码，员工薪酬今年额外支出15亿美元，OpenAI股权支出占收入119%

Core Viewpoint - OpenAI is signaling a potential increase in employee compensation, particularly stock-based rewards, following the poaching of its AI researchers by Meta, which may lead to significant dilution of investor equity [1][2]. Group 1: Stock Compensation and Financial Impact - OpenAI's stock compensation expenses surged to $4.4 billion last year, accounting for 119% of its revenue, far exceeding pre-IPO levels of Google and Facebook [2][4]. - The company anticipates that this ratio will decrease to 45% this year, with projections indicating it could drop below 10% by the end of the decade as revenues increase [2]. - OpenAI's stock compensation costs are expected to be comparable to its spending on inference computing, projected at around $6 billion this year, alongside an additional $1.5 billion for employee salaries and other costs [5]. Group 2: Employee Equity and Company Structure - Following a restructuring, employees may hold approximately one-third of the company's equity, with Microsoft holding another third, while the remaining shares would be distributed among other investors and the non-profit organization overseeing OpenAI [3]. - Currently, employees receive profit units rather than traditional stock options, but the restructuring aims to convert these into common stock [3]. Group 3: Investor Concerns and Market Dynamics - Investors are increasingly concerned about the dilution of their shares due to stock-based compensation and potential legal actions from Elon Musk, who has sued OpenAI regarding its restructuring plans [6]. - The company has allowed current and former employees to sell around $3 billion in stock rewards since 2021, indicating a recognition of the importance of stock incentives for talent retention [5].