OpenAI is investing about $400 million in its second startup fund, according to a Wall Street Journal report summarized by Techmeme and attributed to an SEC filing. The filing marks a larger allocation than OpenAI’s first startup fund, which the Journal says raised $175 million in 2021 from outside investors. Microsoft was among those outside investors, according to the same report. The available summary does not identify the new fund’s target companies, outside participants, deployment schedule or governance terms. It also does not say whether the second fund includes capital from investors other than OpenAI. The concrete change is that OpenAI is putting substantially more of its own capital behind startup investing than the $175 million first fund reported in 2021. Because the provided material is limited to a Techmeme summary of the Journal’s filing-based report, this should be treated as a developing funding story rather than a complete map of OpenAI’s investment strategy. Who benefits: Startups selected by the second fund would be the direct beneficiaries. No portfolio companies or investment terms are named in the provided summary. Who's exposed: Existing and prospective investors in startups have limited visibility from the current report into how OpenAI’s new fund will compete or co-invest. The material provided does not identify any specific firms or companies exposed to the move.