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OpenAI chief executive does not plan to take company public

Tan KW
Publish date: Wed, 07 Jun 2023, 08:04 AM
Tan KW
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STOCKHOLM Microsoft-backed OpenAI, the company behind ChatGPT, has no plans to go public any time soon, chief executive Sam Altman said at a conference in Abu Dhabi.

"When we develop super intelligence, we are likely to make some decisions that most investors would look at very strangely," Altman said.

"I don't want to be sued by ... public market, Wall Street etc, so no, not that interested," he replied to a question on whether he will take OpenAI public.

OpenAI has so far raised US$10 billion from Microsoft at a valuation of almost US$30 billion as it invests more on building computing capacity.

"We have a very strange structure. We have this cap to profit thing," he said.

OpenAI started off as a non-profit organisation but later created a hybrid "capped-profit" company, that allowed it to raise external funds with a promise that the original non-profit operation still benefits.


  - Reuters


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