Part of the risk is the possibility that a few key employees find a much more profitable business model and leave OpenAI, while the early investors are left holding the bag. This seems to be a recurring theme in the tech world.
> Part of the risk is the possibility that a few key employees find a much more profitable business model and leave OpenAI,
The fact that you can state this risk means that market participants already know this risk and account for it in their investment model. Usually employees are given stock options (or something similar to a vesting instrument) to align them with the company, that is, they lose[^1] significant wealth if they leave the company. In the case of OpenAI: "PPUs vest evenly over 4 years (25% per year). Unlike stock options, employees do not need to purchase PPUs […] PPUs also are restricted by a 2-year lock, meaning that if there’s a liquidation event, a new hire can’t sell their units within their first 2 years."[^0]
