OpenAI said it would need billions of dollars to compete with the biggest players in artificial intelligence. This is stated in a statement published on the company website by the OpenAI board of directors.
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“The hundreds of billions of dollars that major companies are now investing in AI development show that OpenAI will indeed be needed to continue fulfilling its mission. “We again need to raise more capital than we anticipated,” the statement said.
To attract additional investment, OpenAI plans to convert its commercial arm into a public benefit corporation (Delaware PBC) in 2025. Such a move would remove restrictions imposed by the current nonprofit parent organization.
The new organization will oversee business operations, while the nonprofit division will focus on charitable initiatives. The company statement said the nonprofit wing will have a “significant stake” in the new organization.
OpenAI says the new structure will help it raise more money and provide the capital it needs to remain competitive in the rapidly evolving artificial intelligence market.
The company started in 2015 as a research-focused nonprofit, but created a commercial arm four years later to raise funds.
One of the main opponents of the restructuring is OpenAI co-founder Elon Musk. In August, he sued the company and its CEO, Sam Altman, accusing OpenAI of abandoning its nonprofit mission. In November, Musk’s lawsuit added new defendants: Microsoft, LinkedIn co-founder Reed Hoffman, and Dee Templeton, who previously served on OpenAI’s board of directors and is now a Microsoft vice president.
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