A $400K grant from Google is worth $400K. A $400K grant from OpenAI is worth about $242K today. Same number on the offer letter. You can sell Google stock the day it vests. OpenAI is private, so you sell only when the company runs a tender. Here's the formula I use for any private grant: Value = Quoted equity × P(payout) ÷ 1.15^years to liquidity The 15% is your discount for money you can't touch. For a late-stage company with real revenue and a tender history, P(payout) is…