Structured secondary-market access to OpenAI — the world's most valuable private company and the pioneer of the generative AI era. Exclusively for professional investors.
The bonds offered are an entrepreneurial investment with risks. In principle, a total loss of the invested capital cannot be ruled out.
* Pre-IPO markets move fast, and exact prices are confirmed only at the time of the trade. That's why every order includes a protective buffer – so your execution stays smooth and reliable even when the market shifts. In practice, we usually execute at around the current secondary market valuation, well below the cap. The cap is your ceiling, not your price: by placing an order, you consent to execution at any level up to it.
OpenAI's flagship ChatGPT — launched November 2022 — is the fastest-growing consumer application in history, serving 700+ million weekly consumer users. Together with the OpenAI API platform, GPT-5, the o-series reasoning models, and Codex for coding, its models power the largest enterprise AI deployments across Microsoft (Copilot, Azure), Apple (Apple Intelligence), Broadcom, IBM, HP, and thousands of Fortune 500 organizations. Approximately 40% of revenue now comes from enterprise, with parity to consumer targeted by year-end 2026.
OpenAI generates approximately USD 2 billion in revenue per month (USD 24+ billion run-rate as of Q1 2026, up from USD 13.1 billion in 2025) — growing four times faster than Alphabet and Meta did at comparable stages. The company benefits from a compute moat unmatched at scale: Microsoft's USD 100+ billion Azure commitment (through 2032), Amazon's USD 50 billion investment tied to AWS deployment, NVIDIA's USD 30 billion investment and preferred GPU allocation, plus the Broadcom "Jalapeño" custom AI chip announced June 2026.
Following the March 2026 conversion to OpenAI Group PBC and Sam Altman's announcement of "the third phase of OpenAI" — enterprise focus, coding assistants (Codex), and disciplined cost management — OpenAI confidentially filed for an IPO with the SEC on May 22, 2026 (Goldman Sachs, Morgan Stanley leading), with a potential Q4 2026 debut.
OpenAI's last primary financing valued the company at USD 852 billion (March 2026), while the October 2025 employee tender indicated around USD 500 billion on the secondary market. The dashed line marks Cometum's indicative entry valuation cap.
Solid line = primary funding rounds (post-money). Open point = secondary tender. Source: Cometum analysis based on public data and market research (CNBC, Reuters, WSJ, TechCrunch, Bloomberg, Forge Global, Sacra). All valuation figures are indicative. Actual transaction values may vary and do not necessarily reflect Cometum's entry price. Dashed line = Cometum entry valuation cap (non-binding, indicative).
Investors purchase the Cometum Bond — a German security with €1,000 denomination and €5,000 minimum subscription.
Cometum's SPV participates in one or more special purpose vehicles.
These special purpose vehicles are directly or indirectly holding the shares of OpenAI.
Subordinated bearer bond providing structured participation in the value development of OpenAI — issued as a German security.
Cometum fees of 10.5 % are included in the nominal amount. Of each EUR 1,000 subscribed, EUR 895 is the investment amount that participates in OpenAI at the indicative entry valuation cap; distribution partner costs of up to 10 % are reflected in the cap. No ongoing fees are charged by Cometum. Additional costs may apply at the level of the underlying investment vehicles.
For professional clients as defined by MiFID II only. Only the information provided in the issuer's offering documents is decisive for the assessment of the bond.
The binding terms and conditions of the Cometum OpenAI Bond (ISIN DE000A4AVXM3).
Statutory consumer information pursuant to Art. 246b EGBGB.
The specific risks associated with the bonds of Cometum Direct Invest GmbH & Co. KG.
Lawyer specialized in banking and capital markets law. Previously Ashurst LLP and CACEIS Bank.
sascha.miller@cometum.comSpecialist in Wealth Management & B2B Sales. Previously Scalable Capital and Reimann Investors.
uwe.passmann@cometum.comAvailable exclusively to professional clients as defined by MiFID II. Contact our team to receive the offering documents, terms and conditions, and the full risk notice.
Only the information provided in the issuer's offering documents is decisive for the assessment of the bond.Operator. This website is operated by Cometum Direct Invest GmbH & Co. KG (the Issuer). All contents of this website are contents of the Issuer and are the sole responsibility of the Issuer.
This product is intended exclusively for professional clients as defined by MiFID II. Buyers of a bond assume a significant risk, which can lead to the complete loss of the invested capital. The information provided here is non-binding promotional material and, in its nature and form, expressly does not constitute financial or any other investment advice. The information mentioned in no way replaces investment advice tailored to the investor's circumstances. The issuer expressly points out the following facts: Only the information provided in the issuer's offering documents (Cometum Direct Invest GmbH & Co. KG), i.e., the terms and conditions of the bond and the risk notice, are decisive for the assessment of the bond. None of the information constitutes an invitation to submit an offer to purchase, nor is it an offer to subscribe to or buy the issuer's bond. Cometum is not a bank, but solely an issuer and product provider for exclusive private markets products. This investment does not involve the direct acquisition of OpenAI shares by the investor, but rather a structured participation that allows participation in the value development of OpenAI. The information regarding the current valuation of OpenAI serves informational purposes only. The valuation at which structured participation in OpenAI takes place may differ from the current market valuation. The cap represents the indicative, non-binding valuation at which the structured participation is intended to be entered. The company operates in a highly competitive market environment characterized by regulatory developments and geopolitical uncertainties. The strategic focus is on technology-oriented clients who require innovative solutions and high adaptability. Cometum participates directly or indirectly through one or more investments in special purpose vehicles, which in turn are directly involved with OpenAI. The OpenAI bond is therefore an entrepreneurial investment with risks. In principle, a total loss of the invested capital cannot be ruled out. The shares of OpenAI Inc. are quoted in the foreign currency US Dollar ("USD"). Therefore, in addition to customary market price fluctuations, they are also subject to exchange rate risk. Changes in the exchange rate between the euro and the USD can affect the performance and the euro-denominated return of the investment both positively and negatively. An appreciation of the euro against the USD may lead to losses, even if the price of OpenAI shares in their home currency, USD, has risen. Additional fees may apply at underlying participation levels (management fees, performance fees, exit fees, fees in connection with an IPO). The exact number of OpenAI shares outstanding is not necessarily publicly known or fixed at the time of investment. OpenAI may issue additional shares — for example in connection with its IPO, the financing of an acquisition, further financing rounds, or employee participation programmes. Such issuances dilute existing holders: the total number of shares increases, and the proportion of the company attributable to each existing share decreases accordingly. As a result, the valuation at which the structured participation was entered may, in retrospect, prove higher relative to the effective per-share basis and may change to the investor's disadvantage. In particular, the total valuation of the company may increase while the value attributable to an individual share — and therefore to the investor's participation — does not increase to the same extent, or may even decline. The headline valuation figures stated in this material are therefore not a reliable indicator of the value development of the investor's participation, which depends on the per-share value at the relevant point in time. This presentation does not constitute an offer. It is a non-binding invitation to professional clients to express interest (no offer). It is for informational purposes only.
The information on this website is directed exclusively at professional clients within the meaning of Annex II of Directive 2014/65/EU (MiFID II). It is not directed at retail clients. Please confirm your classification.
Self-declaration. Your binding classification as a professional client is verified during onboarding.