OpenAI must complete for-profit transition year-end to raise full $40 billion | Technology News

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OpenAI must transition to a for-profit company the end of the year to secure the full $40 billion funding led SoftBank it is in the final stages of raising, a person familiar with the matter said on Friday.
SoftBank can pare back the size of the funding round to $20 billion if Microsoft-backed OpenAI fails to restructure into a for-profit company the end of the year.
The Wall Street Journal was the first to report the news earlier in the day.
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This would mark an accelerated deadline for OpenAI to pull off its complicated transition. It was under a two-year deadline from its last round of financing with investors.
The startup has said its transition to a for-profit entity is required to secure the capital it needs to develop the best AI models.OpenAI did not immediately respond to a Reuters request for comment.
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