OpenAI PBC restructuring
Capped-profit to public-benefit corp conversion
OpenAI's 2025 conversion toward a public-benefit corporation with the nonprofit retaining control (and a large equity stake) reset its ability to raise at a reported ~$500B valuation and clarified Microsoft's ~27-33% economic interest. The restructuring resolved governance overhangs from the 2023 board crisis. It is the single most consequential corporate-governance event in the sector.
Valuation
~$500B (2025)
How it fits the stack
OpenAI PBC restructuring with what it depends on (above) and what it feeds (below). The figure renders as a crawlable diagram and upgrades to an interactive 3D graph as it scrolls into view.
OpenAI PBC restructuring in the AI stack. OpenAI PBC restructuring with its immediate upstream dependencies (top) and downstream dependents (bottom) in the AI value chain. Hover a node in 3D, or read the full relationships below.
Graph data (text) — 3 entities, 2 relationships
- OpenAI PBC restructuring —depends on→ OpenAI capital stack
- OpenAI PBC restructuring —partners with→ Microsoft
Depends on ↑ · 1
Context — capital, rivals, policy · · 1