OpenAi wants to change its model while the Silicon Valley watches attentive

OpenAi negotiates its transformation into a profitable company, facing legal challenges, tensions with Microsoft and criticism of Elon Musk while redefining its future

OpenAi’s advice is involved in complex negotiations to become a profitable company, struggling to determine the price of Microsoft’s startup participation while discussing the evaluation of its newly formed newly formed arm of $ 30 billion.

According to the Financial Times, ChatgPT creator, supervised by her non -profit counsel, has discussed a restructuring since September that would divide the startup into two parts. His philanthropic arm, in charge of OpenAi’s original mission to “benefit humanity”, would receive a participation in the new public benefit corporation (PBC).

One of the obstacles to conversion has been to determine how much participation in the PBC would be for the largest investor of the startup, Microsoft, according to people familiar with the discussions. Other considerations, such as the value of the participation that CEO Sam Altman will receive in the new company, also need to be resolved.

According to three people close to negotiations, the philanthropic arm can be valued at about $ 30 billion, but a final value has not yet been determined. Most of this value would be performed in the form of shares in the PBC, added one of the sources, with the rest paid in cash.

“This is a new phenomenon, where non -profit organizations have participation in for -profit companies,” said Karla Dennis, CEO of Tax Consulting KDA, who added that such transactions are usually paid in cash.

Restructuring will create “one of the most well -financed non -profit organizations in history,” according to OpenAi. But some, including Elon Musk, argue that the actual value of the non -profit organization is much higher, given its current control over OpenAi, valued at $ 157 billion.

The change is designed to allow OpenAi to raise dozens of billions of dollars to more than investors, which the startup considers essential to developing AI models ahead of competitors. But it also represents a great break with OpenAi’s fundamentals as a non -profit organization and a highly complex maneuver, with little legal precedent.

OpenAi agreed with a period of two years to complete the conversion with investors as part of its last round of financing in September. If the change is not completed on time, investors can recover part of the $ 6.6 billion they injected into the company.

Among the current shareholders, Microsoft’s relationship with OpenAi is the most sensitive.

Determining how much participation Microsoft may have without attracting antitrust attention is another crucial part of the delay in conversion to a PBC, a person near OpenAi said.

OpenAi and Microsoft refused to comment.

On Tuesday, Microsoft announced that it would change the structure of its agreement with OpenAi to allow startup to use cloud computing services.

The change means that Microsoft will give up its position as an exclusive OpenAI cloud services provider, but will maintain the right of preference. Microsoft said that several “key elements” of its partnership with OpenAI will remain in force by the end of 2030, when the current agreement, including the revenue sharing arrangements, ends.

This announcement occurred while OpenAi revealed this week that it is joining a joint venture with Japan softbank called Stargate, with plans to invest at least $ 100 billion in AI infrastructure in the US.

The change to become a company for profit has been controversial in Silicon Valley, as the Battle for the Future of OpenAI should influence the global race to develop and market Ia Generative.

The proposed transaction led to heated lawsuits of Musk, co -founder of OpenAi who has since created a rival group, Xai. Musk sought an injunction against conversion, claiming that OpenAi deceived initial donors, including himself, who thought they were supporting a research group.

OpenAi was founded as a non -profit organization in 2015. In 2019, it created a for -profit subsidiary that limited returns to investors and gave to the non -profit council full control over the arm with either profit.

Today, his financial future is linked to developments such as the creation of General Artificial Intelligence (AGI), where technology would have levels of intelligence similar to humans. CLAUSES related to AGE are being removed from the new structure, as previously reported by the Financial Times.

The company’s complex corporate governance was placed under scrutiny in November 2023, when his non -profit council dismissed Altman, just to be reappointed shortly thereafter.

People close to negotiations are hopeful that the transaction can be completed this year, but added that conversations are subject to change and will probably continue for a few months.

The complexity of pricing such a new and powerful technology is another challenge.

This decision is up to OpenAi’s advice, which includes Altman, former Salesforce Bret Taylor and former US treasure secretary Larry Summers. They owe their main duty to “humanity, not OpenAi investors,” according to the Startup Statute.

“There is an obvious conflict of interest to the council when negotiating [o valor da organização sem fins lucrativos]. Of course, the advice wants to pay the minimum money you can justify, ”said an former OpenAi employee. “I’m not sure if a truly impartial process could resolve this conflict.”

Kathleen Jennings, the Attorney General of Delaware, where OpenAi is registered, requested more information about the agreement.

Jennings said it is your responsibility to ensure that conversion is done at a fair price and for the public benefit. However, OpenAi has not yet provided these details, as they are still being resolved internally and with stakeholders.

“There is no real precedent for this,” said a person with knowledge of deliberations. “A research company that has become valued at $ 157 billion.”