OpenAI’s massive private funding round could be slashed by as much as $10 billion if the company doesn’t restructure into a for-profit entity by Dec. 31, CNBC has confirmed.
The full size of the round would decrease from $40 billion to $30 billion, according to a person familiar with the matter who asked not to be named because the details are confidential. The Wall Street Journal was first to report on the terms of the deal, which would value OpenAI at $300 billion, including the fresh capital.
SoftBank’s piece of the round would shrink from $30 billion to $20 billion, while contributions by the remaining syndicate of investors, including Microsoft, would remain at $10 billion, the person said.
The provision ramps up the pressure on OpenAI to convert into a for-profit entity, a plan that will need the blessing of Microsoft and the California Attorney General, and has been challenged in court by Elon Musk, who was one of the co-founders of OpenAI in 2015, when it was started as a non-profit research lab.
Investors backing OpenAI will receive convertible notes that convert into traditional equity after the restructuring, the person said. Part of the funding is expected to be used for OpenAI’s commitment to Stargate, the joint venture between SoftBank, OpenAI and Oracle announced by President Donald Trump in January.
Last week, OpenAI announced some key changes in the C-suite, with CEO Sam Altman shifting his focus away from day-to-day operations and focusing more on research and product. Operating chief Brad Lightcap’s role will expand to oversee “business and day-to-day operations.” CNBC confirmed that OpenAI expects revenue will triple to $12.7 billion in 2025.
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Comment Closed: OpenAI Faces $10 Billion Funding Cut Without For-Profit Shift by Year-End
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