OpenAI: We Need 'more capital than we’d imagined' as it lays out for-profit plan
https://www.cnbc.com/2024/12/27/openai-needs-more-capital-than-wed-imagined-moves-to-for-profit.html
OpenAI said Friday that in moving toward a new for-profit structure in 2025, the company will create a public benefit corporation to oversee commercial operations, removing some of its nonprofit restrictions and allowing it to function more like a high-growth startup.
"The hundreds of billions of dollars that major companies are now investing into AI development show what it will really take for OpenAI to continue pursuing the mission," OpenAI's board wrote in the post. "We once again need to raise more capital than we'd imagined. Investors want to back us but, at this scale of capital, need conventional equity and less structural bespokeness."
originally posted at https://stacker.news/items/826264
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2024-12-27 15:34:01
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2024-12-27 15:34:01Event JSON
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"content": "OpenAI: We Need 'more capital than we’d imagined' as it lays out for-profit plan\nhttps://www.cnbc.com/2024/12/27/openai-needs-more-capital-than-wed-imagined-moves-to-for-profit.html\n\nOpenAI said Friday that in moving toward a new for-profit structure in 2025, the company will create a public benefit corporation to oversee commercial operations, removing some of its nonprofit restrictions and allowing it to function more like a high-growth startup.\n\n\"The hundreds of billions of dollars that major companies are now investing into AI development show what it will really take for OpenAI to continue pursuing the mission,\" OpenAI's board wrote in the post. \"We once again need to raise more capital than we'd imagined. Investors want to back us but, at this scale of capital, need conventional equity and less structural bespokeness.\"\n\noriginally posted at https://stacker.news/items/826264",
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