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Business

ChatGPT parent OpenAI in talks with California to become for-profit company: report

By
Reuters
Published Nov. 4, 2024, 7:06 p.m. ET

Sam Altman-led OpenAI is in early talks with the California attorney general’s office to change its corporate structure in a bid to become a for-profit business, Bloomberg News reported on Monday, citing two people familiar with the matter.

OpenAI and a representative for the California Attorney General did not immediately respond to Reuters’ requests for comment.

A shift to being a for-profit company would mark a drastic reversal in governance structure for the AI pioneer, which was founded in 2015 as a non-profit AI research lab. However, the move would make the firm more attractive to investors.

Open AI Chief Executive Officer Sam Altman speaking in September.
Sam Altman’s OpenAI was valued at $157 billion after a recent funding round. AP

Reuters first reported in September that Microsoft-backed OpenAI was working on a plan to restructure its core business into a for-profit benefit corporation no longer governed by its non-profit board.

The OpenAI non-profit will continue to exist and own a minority stake in the for-profit company, sources then told Reuters.

Last month, the ChatGPT maker closed a $6.6 billion funding round, which could value the company at $157 billion and cement its position as one of the most valuable private companies in the world.