Microsoft’s expected investment in OpenAI, destined to be one of the biggest startup stories of the year, comes with a whole lot of strings attached. It’s a deal structure that two lawyers told me this week they had never seen before in VC dealmaking, and that one venture capitalist described as “really bonkers.” 

But the arrangement could prove highly influential, especially since it’s clear to other startups that in order to invest cash, venture capitalists are likely to ask for terms such as debt payments or liquidation rights, which had fallen by the wayside during the boom.