Delaware's attorney general is hiring an investment bank to independently advise on OpenAI's transition from a nonprofit to a for-profit entity, potentially extending the timeline for the conversion. This move comes as OpenAI requires regulatory approval to attract new investments and aim for a public offering. The assessment could complicate OpenAI's plans, particularly influenced by Elon Musk's recent $97.4 billion bid, which experts believe may have raised the nonprofit's valuation, further affecting the pricing dynamics of the transition process.
Delaware's attorney general is seeking an independent investment bank to evaluate OpenAI’s for-profit conversion, which could delay the process and affect funding prospects.
OpenAI needs state approvals for its transition to a for-profit entity to secure investments, even as its valuation dynamics are complicated by external bids.
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