7-6-2023 (STOCKHOLM) OpenAI, the company responsible for ChatGPT and supported by Microsoft, announced that it has no immediate intentions of going public, according to Chief Executive Sam Altman. Altman made the statement during a conference in Abu Dhabi, where he discussed the future direction of the company.
Altman expressed concerns about the potential consequences of developing superintelligence, stating that such advancements might lead to decisions that could be viewed unfavorably by traditional investors. He emphasized that OpenAI aims to prioritize responsible decision-making and is mindful of the implications it may have in a public market setting.
“I don’t want to be sued by the public market, Wall Street, etc., so, no, I’m not that interested,” Altman replied when questioned about the possibility of OpenAI becoming a publicly traded company.
Having already secured $10 billion in funding from Microsoft, valuing the company at nearly $30 billion, OpenAI continues to focus on expanding its computing capabilities through strategic investments. Altman highlighted the unique structure of OpenAI, describing it as having a “capped-profit” model that allows for external funding while ensuring that the original non-profit mission remains intact.
OpenAI initially started as a non-profit organization before transitioning into a hybrid entity, combining aspects of both for-profit and non-profit operations. This approach enables OpenAI to raise external funds while preserving its commitment to public benefit and responsible development.
Altman’s remarks suggest that OpenAI’s immediate priority lies in continuing its research and development efforts without the pressures and obligations that come with being a publicly traded company.
