OpenAI, the company behind artificial intelligence-driven ChatGPT, has no plans for an initial public offering (IPO) any time soon, its CEO Sam Altman said at a conference in Abu Dhabi.
“When we develop super intelligence, we are likely to make some decisions that most investors would look at very strangely,” Altman said, as reported by Reuters.
"We have a very strange structure – we have this cap-to-profit thing," he added.
OpenAI began as a non-profit organization but later created a hybrid ‘capped-profit’ company, which allowed it to raise external funds with a promise that the original non-profit operation still benefits.
Altman also stated that he didn’t want to be sued by Wall Street.
OpenAI has raised $10 billion so far from Microsoft at a valuation of almost $30 billion as the company invests more on building computing capacity.
Altman is currently touring the world, meeting heads of states of several countries.
He initially created controversy while in Europe for saying OpenAI may leave the region if it becomes too hard to comply with planned laws on AI, but later reversed his stance.
According to Reuters, the EU is working on a set of laws to govern AI, including proposals that would force any company using tools like ChatGPT to disclose copyrighted material used to train its systems.
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