It’s looking increasingly likely that OpenAI will soon alter its complex corporate structure.
Reports earlier this week suggested that 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 whether OpenAI can restructure and remove a profit cap for investors.
In fact, according to Fortune, co-founder and CEO Sam Altman told employees at a company-wide meeting that OpenAI’s structure is likely to change next year, bringing it closer to a traditional for-profit business. OpenAI is currently structured so that its for-profit arm is controlled by a non-profit, which seems to frustrate investors.
“We remain focused on building AI that benefits everyone and as we’ve previously shared we’re working with our board to ensure that we’re best positioned to succeed in our mission,” OpenAI said in a statement. “The nonprofit is core to our mission and will continue to exist.”