Microsoft (MSFT, Financial)-backed OpenAI's new public benefit corporation structure “gets us to an IPO-able event,” CFO Sarah Friar said at the Dublin Tech Summit, underscoring that the ChatGPT maker could go public when markets and the company are ready.
Friar stressed that the PBC model—combining a nonprofit parent with a for-profit LLC—aligns shareholder interests with OpenAI's mission, and gives the firm the flexibility to pursue an IPO “if and when we want to.” She cautioned, “You can show up at the altar all ready to go, and if the market's not ready for you, yeah, you're just out of luck,” emphasizing the need for OpenAI to be “sustainable and safe regardless of where the public markets are.”
Investors should care because OpenAI's IPO would be one of the decade's most anticipated listings, with Microsoft already holding a multibillion-dollar stake and the broader AI sector racing toward public valuations.
With OpenAI planning to convert its for-profit arm into a PBC this month, markets will be watching for any timeline hints or structural updates that signal when the firm might officially file for an IPO.
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