OpenAI has raised over $60 billion in venture capital but is reportedly seeking more funds shortly after a $40 billion funding round. This latest round increased OpenAI's valuation to $300 billion, with SoftBank leading the investment. However, the funding is contingent on the company restructuring to a for-profit model, which conflicts with its original nonprofit status. CEO Sam Altman has publicly stated the company's commitment to maintaining its nonprofit structure, despite pressure from investors eager for equity conversion in their stakes.
Mere months after wrapping up a $40 billion funding round, the AI company is now said to be reopening the books in search of more money, according to Wired.
That last round, which was said to be closed on March 31st, sent OpenAI's valuation to a whopping $300 billion at the time.
If OpenAI fails to go for-profit, it would likely become incredibly difficult for the company to keep raking in the funding it needs.
OpenAI was founded as a nonprofit, is today a nonprofit that oversees and controls the for-profit, and going forward will remain a nonprofit.
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