Microsoft(US:MSFT) 智通财经网·2025-10-30 02:07Core Viewpoint - OpenAI is preparing for a potential IPO as early as next year, which could value the company at $1 trillion, while also undergoing a significant restructuring to transition into a more traditional profit-driven entity [1][2]. Group 1: IPO and Valuation - OpenAI is reportedly planning to submit its IPO application as early as mid-2026, aiming to raise at least $60 billion [1]. - The company's last valuation was approximately $500 billion, achieved through an employee stock ownership plan [1]. - CEO Sam Altman indicated that the IPO remains the most likely funding route for OpenAI, which is in need of substantial capital [3]. Group 2: Restructuring and Legal Challenges - OpenAI has completed its restructuring process after a year of negotiations, which included concessions to regulatory bodies and a new agreement with Microsoft [2][4]. - Elon Musk has filed a lawsuit to block the restructuring, claiming it violates the founding principles of the company [2][6]. - The restructuring is seen as a decisive victory for OpenAI, enabling increased investment in data centers, chips, and talent [2]. Group 3: Relationship with Microsoft - Microsoft has agreed to hold a 27% stake in OpenAI's newly formed profit-oriented entity, but the specifics of their ongoing collaboration remain unclear [5]. - An independent group will determine when OpenAI achieves General Artificial Intelligence (AGI), at which point Microsoft will lose its 20% revenue share from OpenAI [5]. - The complexity of the relationship between OpenAI and Microsoft is highlighted by their evolving roles as both partners and competitors [5]. Group 4: Non-Profit Organization's Role - The non-profit organization associated with OpenAI will hold 26% equity, valued at approximately $130 billion based on the current valuation [4]. - This organization plans to invest $25 billion in AI applications in healthcare and initiatives to mitigate AI risks, although it has yet to appoint any staff [5]. - There are concerns regarding the independence and accountability of the non-profit organization in relation to OpenAI's profit-driven operations [4].