AXIOS October 3, 2024
OpenAI yesterday closed its historic investment round, raising $6.6 billion at a $157 billion valuation.
Look ahead: The next step is for OpenAI to think about going public via an IPO.
Catch up quick: The ChatGPT maker promised investors that it will convert into a for-profit entity — reflecting its transition from a research lab into a product-focused business — even pledging to return capital if the structural change isn’t completed within two years.
- It also secured a $4 billion revolving credit line.
The big picture: The stunning reality is that this new money won’t get OpenAI where it wants to go, as Axios’ Scott Rosenberg explains.
- Sam Altman & Co. certainly could return to the private...
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