Khosla Ventures Raises $405 Million for OpenAI: Regulator Filing.

Based on the filing alone, Khosla's stake in the ChatGPT maker appears to be at least 6 percent of the $6.6 billion round the company closed last week. But that doesn't mean Khosla has put substantial or any capital into the round. Majorly, or possibly all of the $405 million was pooled from other investors through a special purpose vehicle, or an SPV.

SPVs are tapped when a firm doesn't have enough capital to complete a round, or when it has enough exposure to a company and is selling its allocation to others scrambling for a piece of the action.

Khosla Ventures did not comment, so we don't know the terms of its investment in OpenAI's most recent round, which put the firm's valuation at $157 billion. Either way, OpenAI has been kind to Khosla Ventures, which invested $50 million in the company in 2019 for what The Information has since reported was 5% ownership. OpenAI's valuation at the time isn't publicly known, but likely it was significantly lower than the $29 billion valuation OpenAI reportedly garnered in 2023, when Microsoft invested $10 billion.