OpenAI has completed a capital restructuring and established PBC! The latest valuation is 500 billion dollars, with Microsoft holding a 27% stake.

On October 28, US time, Microsoft (Microsoft) announced a new phase of cooperation with OpenAI, establishing a long-term cooperation framework between the two parties. According to the protocol, OpenAI will complete a capital restructuring and establish a public benefit corporation (Public Benefit Corporation, PBC). Microsoft holds approximately 27% equity in the new company OpenAI Group PBC, with an investment value of about $135 billion. As of the time of writing, Elon Musk has not commented on this.

After the capital restructuring of OpenAI, Microsoft holds a 27% stake.

Microsoft stated in a declaration that it supports the OpenAI board's promotion of the PBC structure and capital restructuring, believing that this move will strengthen the governance structure and promote long-term sustainable development. Before the latest round of financing, Microsoft's stake in the OpenAI profit-making entity was approximately 32.5%. The PBC structure means that OpenAI will operate under a legal framework that balances the interests of shareholders and the public interest. The company, in its pursuit of general artificial intelligence (AGI), needs to pay attention to ethics and social responsibility.

Microsoft's new protocol revealed! OpenAI increases its purchase of 250 billion Azure cloud services.

The new protocol retains the key elements of successful cooperation between the two parties over the past few years, including:

OpenAI continues to be a leading model partner of Microsoft.

Microsoft retains exclusive intellectual property rights to the model (IP) and exclusive rights to the Azure API until AGI is achieved.

At the same time, several clauses have been added and adjusted for future development:

AGI verification mechanism: Once OpenAI announces the achievement of AGI, it will be verified by an independent expert panel.

IP rights extended to 2032: Microsoft has extended the IP rights for models and products to 2032, covering models after AGI ( under security mechanisms ).

Clarification of the definition of research IP: Microsoft's ownership rights to OpenAI research IP (, such as model training methods and internal research systems ), shall last until the completion of AGI validation or until 2030; however, it does not include model architecture, weights, inference, or fine-tuning code.

Exclusion of consumer hardware: Microsoft's IP rights no longer cover consumer hardware products that OpenAI may launch.

The new protocol allows Microsoft to independently or collaboratively develop AGI with third parties.

The new protocol allows the two companies to advance innovation under more flexible conditions:

OpenAI

Products can be jointly developed with third parties; if it is an API product, it must still be exclusive to Azure; non-API products can be deployed on any cloud service.

API access services can be provided to national security clients of the U.S. government, regardless of which cloud provider is used.

Open weight models that meet the standards can be released (open weight models).

Sign a contract with Microsoft for an additional purchase of $250 billion in Azure cloud services.

Microsoft

Can independently or jointly develop AGI with third parties.

If using OpenAI IP to develop AGI, the training scale must be subject to computational threshold limitations (the threshold is higher than existing top models).

The revenue-sharing protocol between the two parties will continue until the AGI verification is complete, but the payment deadline will be extended.

No longer enjoy the “right of first purchase” for selecting computing suppliers from OpenAI.

OpenAI has completed a capital restructuring and established PBC! The latest valuation is 500 billion USD, with Microsoft holding a 27% stake, first reported by Chain News ABMedia.