OpenAI on Friday laid out a plan to transition its for-profit arm into a Delaware public benefit corporation (PBC) to help it raise capital and stay ahead in the costly AI race against companies such as Google.

Market watchers have said an initial public offering from OpenAI seems unlikely in 2025 given that it’s been able to raise billions of dollars in backing in private markets, inc

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.