OpenAI has completed a long-awaited restructuring, handing its largest shareholder Microsoft a $135bn stake and propelling the software giant to a $4tn market capitalisation.
Microsoft will take a 27 per cent holding in the ChatGPT creator, which was founded as a non-profit but has been racing to unlock new investment by allowing shareholders to own traditional equity.
The deal creates a for-profit entity, called the OpenAI Group, which the $500bn start-up has argued is essential for it to raise the vast sums required to build large language models and to pursue an eventual public listing.
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