OpenAI completes restructuring; nonprofit entity renamed

OpenAI has completed a capital restructuring, paving the way for a potential public listing. The nonprofit entity has been renamed OpenAI Foundation, which now holds 26% of the for-profit entity’s shares and is valued at approximately $130 billion. Employees and investors collectively own 47%, while Microsoft holds 32.5%. OpenAI has also agreed to purchase $25 million worth of Microsoft Azure cloud services, sending Microsoft’s stock up 3.5% at one point.