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.
A company spokesperson told Fortune, “The non-profit is core to our mission and will continue to exist.” TechCrunch emailed OpenAI for additional comment.
