Neptune.ai

neptune.ai →

-77%

est. 2Y upside i

Series B

Experiment tracking and model registry platform for ML teams

Rank

#4192

Sector

MLOps Platforms

Est. Liquidity

~0Y

Data Quality

Data: High

The equity opportunity in Neptune.ai as an independent company is effectively closed.

Last updated: March 10, 2026

Bull (10%)+5%

The acquisition by OpenAI, while valued below $400M, was structured to provide a modest return for existing Neptune.ai common equity holders, perhaps due to favorable conversion terms to OpenAI stock. Even in this optimistic scenario, the upside from the $300M valuation for common was likely flat to low single digits after accounting for significant liquidation preferences. For a new job seeker today, there is no independent Neptune.ai equity to receive.

Base (60%)-10%

The acquisition by OpenAI (valued below $400M) resulted in a modest loss for existing Neptune.ai common shareholders. The substantial $73M in liquidation preferences significantly reduced the amount available for common stock, leading to an approximate -7.7% return from the $300M valuation. The wind-down of external services by March 5, 2026, confirms the end of Neptune.ai as an independent entity. For a new job seeker today, there is no independent Neptune.ai equity to receive.

Bear (30%)-50%

The acquisition by OpenAI (valued below $400M) resulted in a significant loss for existing Neptune.ai common shareholders, as the acquisition price barely covered or fell below liquidation preferences, or the conversion to OpenAI stock was highly unfavorable. The subsequent wind-down of external services by March 5, 2026, means the complete loss of standalone value for Neptune.ai. For a new job seeker today, any offer of Neptune.ai equity is worthless.

Est. time to liquidity~0.0 years

Adjusted for competitive dynamics: -61% (raw: -77%, adjustment: -40%)

Preference Stack Risk

high

Funding Intensity

24%

Total funding of $73M represents 24.3% of the $300M pre-acquisition valuation, indicating a high preference stack. This means preferred shareholders would have claimed a significant portion of the acquisition proceeds before common shareholders.

Dilution Risk

high

Prior to the acquisition, future funding rounds would have led to further dilution for common shareholders. This risk is now moot for Neptune.ai equity.

Secondary Liquidity

none

As Neptune.ai has been acquired and its external services wound down, there is no secondary market for its equity.

Other — 3 roles

Principal Solutions Architect · USA
Principal Solutions Architect · Canada
Technical Product Manager · Remote in Europe

View all 3 open roles at Neptune.ai →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Neptune.ai's data — designed to show you've done your homework.

1
“Given Neptune.ai's acquisition by OpenAI and the wind-down of its external services, what is the nature of the equity being offered, and is it OpenAI stock?”
2
“How does the integration of Neptune.ai's technology into OpenAI's internal stack impact the roles and responsibilities of the team that previously worked on Neptune.ai's external product?”
3
“Considering the acquisition was an all-stock deal below $400 million, how were existing Neptune.ai equity holders (especially common shareholders) impacted by liquidation preferences, and what was the actual return for them?”