In a twist that could shake up OpenAI’s future plans, Delaware’s Attorney General is reportedly hiring an investment bank to independently assess the company’s high-stakes restructuring. The move adds a fresh layer of uncertainty to OpenAI’s already complex transition into a for-profit powerhouse.
This conversion is a huge step for OpenAI — one that could unlock major new investments and possibly pave the way for an initial public offering (IPO). But before the champagne can pop, the company has to clear one crucial hurdle: approval from state regulators. And Delaware is making it clear — they want a second opinion.
Even though OpenAI and Microsoft have already brought in their own financial advisors, the state isn’t just taking their word for it. They want to independently evaluate the nonprofit’s stake in the deal — a piece of the puzzle that could significantly affect how much OpenAI ends up paying to streamline its structure.
And here’s where things get even more complicated. When Elon Musk submitted a jaw-dropping $97.4 billion takeover bid — which OpenAI quickly rejected it may have inadvertently inflated the value of OpenAI’s nonprofit. According to corporate governance experts, that rejected offer is now echoing through regulatory circles, raising the stakes and making the entire restructuring more expensive and more tangled.
What’s clear is this: OpenAI’s path forward isn’t going to be as smooth as expected. With big money, big egos, and big decisions on the line, this saga is far from over.
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