It’s looking increasingly likely that OpenAI will soon change its complex corporate structure.
Earlier this week, reports said the AI company was in talks to raise $6.5 billion at a $150 billion pre-money valuation. Now, Reuters says the deal is contingent on OpenAI restructuring and removing its profit cap for investors.
In fact, according to Fortune, co-founder and CEO Sam Altman told employees in a company-wide meeting that OpenAI’s structure will likely change next year and become more like a traditional for-profit company. OpenAI is currently structured so that the for-profit side is controlled by a nonprofit, which seems to be frustrating investors.
“We remain focused on building AI that benefits everyone, and as we’ve shared before, we’re working with the board to ensure we’re best positioned to successfully execute on that mission,” OpenAI said in a statement. “This nonprofit is core to our mission and will continue to exist.”
