OpenAi was originally founded as a non-profit organization, with the mission to develop artificial intelligence (AI) in a safe, responsible and accessible way-in the interest of all humanity. Although this idealistic design matched the vision of the company, she also brought restrictions, especially in attracting capital.
For that reason, OpenAI has adjusted its structure: the company now combines social objectives with commercial interests. According to CFO Sarah Friar, this hybrid setup makes it possible for a wider audience to invest in OpenAI.
IPO is possible, but no certainty
During the Dublin Tech Summit, last Wednesday, CFO Sarah Friar suggested that the new structure makes OpenAi ‘IPO-ABLE’-or suitable for an IPO. But she emphasized that no decision has been made yet: “I didn’t say we’re going to the stock market, I said it is possible,” said Friar.
The reform revolves around the transformation of OpenAi’s commercial branch to a public benefit corporation (PBC). This legal form makes it possible to combine social impact and profitability. At the same time, the original non-profit retains a controlling interest, so that the company’s mission remains guaranteed.
According to Friar, the final decision depends strongly on the market conditions: “You can be ready for it, but if the market does not want to come along, you are unlucky.”
OpenAi hunts billions for growth plans
The restructuring of OpenAi is not a coincidence, but part of a broader ambition. The company is aiming for huge investments to accelerate its growth. For example, Friar states that the construction of a data center with a capacity of 1 gigawatt costs around $ 50 billion. In the end, OpenAi wants to realize volume ten times – good for an estimated investment of $ 500 billion.
An IPO could be a logical route to gain access to capital markets and to finance the ambitious plans.
Source: https://newsbit.nl/openai-klaar-voor-beursgang-cfo-sarah-friar-houdt-de-deur-op-een-kier/
