OpenAI CEO Sam Altman has ruled out an initial public offering (IPO) for the company, citing its “strange” company structure. Altman said that OpenAI is not a traditional company and that an IPO would not be the best way to structure its ownership.
“We’re not a traditional company,” Altman said in an interview with Reuters. “We have a very strange structure, where we have this cap to profit thing.”
OpenAI was founded in 2015 by Elon Musk, Sam Altman, Ilya Sutskever, and others. The company is backed by Microsoft and a number of other investors.
In 2019, OpenAI announced that it would be converting to a non-profit organization. The company said that the move was necessary to ensure that its research would be used for the benefit of humanity.
Altman said that OpenAI is still considering other options for raising money, such as debt financing or venture capital. However, he said that an IPO is not currently on the table.
“We’re not ruling out other forms of financing, but an IPO is not something we’re considering at this time,” Altman said.
OpenAI’s decision to rule out an IPO is a sign that the company is not interested in being beholden to shareholders. The company is focused on long-term research and development, and it is not interested in the short-term pressures of Wall Street.
It remains to be seen how OpenAI will raise money in the future. However, the company’s decision to rule out an IPO is a sign that it is committed to its mission of developing safe and beneficial artificial intelligence.
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