OpenAI files a fully sold $400M venture fund

OpenAI Startup Fund II filed a $400 million venture-capital offering that is fully sold to one investor, with its first sale dated August 11, according to the SEC Form D. The filing names Ian Hathaway as managing member of the general partner and records one investor, but says nothing about portfolio companies, check sizes, or model credits; a report published August 30 identifies it as OpenAI’s second fund. Builders taking strategic capital should price model-provider dependence separately from the cheque: the fund is real, while any preferential API access remains unpromised, a sharper version of the platform-risk question in OpenAI’s IPO filing analysis.