Overview

• OpenAI has announced a shift to a for‑profit public benefit corporation that would let it issue traditional stock to investors.
• Microsoft and OpenAI recently signed a non‑binding memorandum of understanding, signaling progress in restructuring talks that are not yet final.
• Reports indicate an employee share sale values OpenAI at about $500 billion, underpinning estimates for Microsoft’s prospective ownership.
• BNP Paribas analysts say discussions have centered on Microsoft receiving roughly a 30% equity stake, an interest they estimate could be worth at least $150 billion.
• The overhaul follows an unusual partnership built on profit‑sharing units and Azure credits, and OpenAI’s board chair says the nonprofit will retain control through the new structure.