股权薪酬占营收119%：OpenAI为留住人才付出高昂代价

Core Viewpoint - OpenAI has significantly increased its employee compensation due to intense competition for talent in the AI sector, with stock-based compensation soaring to $4.4 billion, representing 119% of its revenue last year, and is expected to decrease to 45% this year and below 10% by the end of 2030 [2][4]. Group 1: Stock-Based Compensation - OpenAI's stock-based compensation costs have reached unprecedented levels compared to other tech companies, with Google at 16%, Facebook at 6%, and Snowflake at 30% prior to their respective IPOs [4]. - The company anticipates spending approximately $6 billion on inference computing for running ChatGPT and AI models this year, which is slightly higher than the expected stock-based compensation [4]. Group 2: Talent Acquisition and Retention - Meta's aggressive hiring campaign has directly prompted OpenAI to raise salaries, with reports of top researchers leaving for Meta, including offers of up to $100 million in signing bonuses [6][7]. - OpenAI's leadership acknowledges the need to "recalibrate compensation" and is committed to recognizing and rewarding top talent in innovative ways [7]. Group 3: Dilution Risks for Investors - The substantial stock-based rewards pose a risk of significant dilution for existing investors, including Thrive Capital, SoftBank, and Microsoft, as new stock issuance can affect share value [9]. - Since 2021, OpenAI has allowed current and former employees to sell approximately $3 billion in stock rewards, highlighting the necessity of generous stock rewards to attract and retain talent [9].