OpenAI is planning to convert its for-profit arm to a public benefit corporation in Delaware "with ordinary shares of stock."

OpenAI announced plans to become a public benefit corporation and shed the control of its nonprofit board. Elon Musk and Meta are already fighting the move.

The move] would enable us to raise the necessary capital with conventional terms like others in this space.” As part of the transformation, OpenAI’s nonprofit division would retain a stake in the for-profit unit in the form of shares “at a fair valuation determined by independent financial advisors,

OpenAI has laid out plans to become a for-profit company. In a blog post published on Friday, OpenAI’s board said it will replace the company’s existing structure with one that puts control into the hands of its for-profit arm.