OpenAI has affirmed that it is closer to becoming a more traditional public benefit corporation (PBC), approaching the possible resolution with its main shareholder, Microsoft, and defining the terms of at least 100,000 million dollars in capital for the participation in the new company of its non -profit division. With the conversion, in addition, OpenAi paves the way to a future IPO.
In a joint statement, Openai and Microsoft pointed out that they have signed a memorandum of understanding (MOU) not binding for the next phase of their collaboration. “We actively work to specify the contractual terms in a definitive agreement. Together, we are still focused on offering the best artificial intelligence tools (AI) for all, based on our shared commitment to security,” they said.
Both companies said Thursday that they have signed an agreement not binding with new terms of relationship that would allow OpenAI to proceed to restructure as a profit company, which marks a new phase of the highest profile associations to finance the growth and development of the popular chatgpt. “This recapitalization would also allow us to raise the necessary capital to fulfill our mission and ensure that, as the OpenAI PBC grows, the resources of the non -profit organization will also do, which would allow us to take it to historical levels of community impact,” said Bret Taylor, president of Openai.
The planned changes will grant the current non -profit organization, OpenAI, control over a new public benefit corporation, Bret Taylor said. In addition, it would grant it an shareholding that would make it “one of the philanthropic organizations with more resources in the world.”
According to the manager, Openai began as a non -profit organization, which has continued until today; And it will be this non -profit organization who holds the authority that guides the future, “Taylor said in the statement.
OpenAI plans to grant the non -profit organization an shareholding valued at more than 100,000 million dollars in the new corporation, a minimum limit that could increase, according to Bloomberg.
This participation would grant the company approximately 20% of Openai’s capital, if it finally closes or can sell shares with an assessment of 500,000 million dollars, which would make Openai start-up bigger in the world ,. With these valuations, a hypothetical outpost of the company would generate enormous interest among investors.
Openai was founded in 2015 as a non -profit organization dedicated to promoting digital intelligence (AI) “in the way that most probably benefit humanity as a whole.” Both the current CEO, Sam Altman, and Elon Musk, co -founders of OpenAi, spoke about the possible existential risks that the advanced AI supposes for humans and advocated an ethical leadership in the industry.
However, Openai’s unusual structure became a problem from 2023, when Altman was suddenly fired and, after several days of chaos, he returned, in the midst of a strong controversy. As Openai has become an AI giant, he has taken measures to restructure his board of directors and remodel good governance.
The fact of being able to become a public benefit corporation gives the company already its Board of Directors a greater justification to seek profitability for the shareholders.
For Microsoft shareholders, the announcement has calmed the fears and uncertainties about instability in the relationship of the Redmond company with OpenAi. In fact, the company founded by Bill Gates has invested in the start-up about $ 13,000 million in its different financing rounds. Microsoft’s shares rose about 1.6% in the markets out of time, after the publication of the Memorandum of Understanding. Since the beginning of the year, the titles are revalued by about 20%.
Both parties have been negotiating the restructuring of their relationship for months, in part to achieve the approval of Microsoft for the restructuring of the start-up. Negotiations that have involved their first two swords, Altman and Satya Nadella, CEO of Microsoft. In exchange for an important financial support, Microsoft has the right to incorporate OpenAi’s tools into its products. Obtaining Microsoft’s approval for changes has been one of the main obstacles to OpenAi’s plans, according to Bloomberg.
Openai is also facing Musk’s strong opposition to his restructuring, one of his first investors, who separated from the company and accused the start-up to disappoint investors in relation to their commitment. Openai has refuted Musk’s claims and has affirmed that the billionaire tries to stop the company based in San Francisco. Musk has its own start-up of AI, baptized as XAI, who has closed multimillionaires financing rounds.
