Overview

• The Wall Street Journal reported executives have discussed relocating out of California, while OpenAI says it has no plans to leave.
• California’s attorney general is examining whether the restructuring complies with charitable trust law, with Delaware’s attorney general also scrutinizing the plan including an independent valuation step reported earlier.
• About $19 billion in investor commitments hinge on creating equity in the new structure, raising the risk of withdrawals that could imperil data center, chip and research spending.
• Major philanthropies, nonprofits and labor groups, plus rival Meta, are pushing back on the conversion, and state authorities could sue or require a settlement as a condition of approval.
• Any relocation would be complicated by OpenAI’s San Francisco–based research workforce and Sam Altman’s Bay Area ties, even as the company hires lobbyists close to Gov. Gavin Newsom and pledges $50 million for community initiatives.