OpenAI said it will be restructured as a public benefit corporation, and the nonprofit that controls the organization would receive shares in the new company.

OpenAI on Friday laid out a plan to revamp its corporate structure next year, saying it would create a public benefit corporation to manage its growing business and ease the restrictions imposed by its current non-profit parent.

OpenAI is planning to convert its for-profit arm to a public benefit corporation in Delaware "with ordinary shares of stock."

OpenAI is getting a corporate makeover. The ChatGPT maker revealed in a company blog post (via The New York Times) that it plans to undergo some changes at the structural level soon. Specifically, OpenAI will become a Public Benefit Corporation,

OpenAI has laid out plans to become a for-profit company. In a blog post published on Friday, OpenAI’s board said it will replace the company’s existing structure with one that puts control into the hands of its for-profit arm.