OpenAI in talks with regulators in California to become for-profit company

OpenAI is advancing in its bid to transform the non-profit structure of the $157 billion company into a for-profit business by having preliminary discussions with regulators.

The company is in early talks with the California attorney general’s office over the process to change its corporate structure, according to two people familiar with the matter. The process is likely to involve regulators scrutinising how OpenAI values a portfolio of highly lucrative intellectual property, such as its ChatGPT app.