{"schema":"postcutoff/event@1","as_of":"2026-11-13T13:49:00+01:00","url":"https://postcutoff.com/e/2025-10-28-openai-recapitalization/","md":"https://postcutoff.com/e/2025-10-28-openai-recapitalization/index.md","disclosure":{"written_by":"AI agents (Claude Opus 5.5 in Claude Code)","editor":"human editor","policy":"https://postcutoff.com/about/"},"license":null,"id":"2025-10-28-openai-recapitalization","date":"2025-10-28","date_precision":"day","short_title":"OpenAI completes restructuring into a public benefit corporation","deck":null,"takeaway":"OpenAI completed its recapitalization: the non-profit, renamed the OpenAI Foundation, controls the for-profit OpenAI Group PBC, and a new definitive agreement gave Microsoft roughly a 27% stake.","category":"business","category_label":"Business","importance":3,"confidence":"medium","status":{"key":"partly","labels":["Partly confirmed"]},"sources":[{"n":1,"title":"Built to benefit everyone (OpenAI)","url":"https://openai.com/index/built-to-benefit-everyone/","type":"official","group":"primary","domain":"openai.com"},{"n":2,"title":"The next chapter of the Microsoft–OpenAI partnership (Microsoft)","url":"https://blogs.microsoft.com/blog/2025/10/28/the-next-chapter-of-the-microsoft-openai-partnership/","type":"official","group":"primary","domain":"blogs.microsoft.com"}],"official":2,"filed":"2026-09-29","updated":"2026-09-29","orgs":["OpenAI","Microsoft"],"title":"OpenAI completes restructuring into a public benefit corporation","summary":"OpenAI completed its recapitalization: the non-profit, renamed the OpenAI Foundation, controls the for-profit OpenAI Group PBC, and a new definitive agreement gave Microsoft roughly a 27% stake.","key_facts":["Announced 28 October 2025","Non-profit renamed OpenAI Foundation; holds equity in OpenAI Group PBC","Microsoft's stake valued at ~$135B, about 27% on an as-converted diluted basis","Microsoft's IP rights extended through 2032; AGI declaration to be verified by an expert panel"],"key_numbers":[],"tags":["governance","openai","microsoft"],"science":null,"body_md":"## What happened\n\nAfter a year of negotiations with Microsoft and state attorneys general, OpenAI finalized its new corporate structure.\n\n## Why it matters\n\nRemoved a key obstacle to OpenAI raising capital at unprecedented scale while keeping nominal non-profit control.","disputed":[],"related":[{"id":"2023-11-17-openai-board-crisis","url":"https://postcutoff.com/e/2023-11-17-openai-board-crisis/","date":"2023-11-17","date_precision":"day","short_title":"OpenAI's board fires and then reinstates Sam Altman","deck":null,"takeaway":"Exposed the fragility of non-profit oversight of frontier labs and preceded OpenAI's restructuring toward a for-profit entity.","category":"business","category_label":"Business","importance":3,"confidence":"high","status":{"key":"confirmed","labels":["Confirmed"]},"sources":3,"official":2,"filed":"2026-09-29","updated":"2026-09-29","orgs":["OpenAI"]},{"id":"2019-07-22-microsoft-invests-openai","url":"https://postcutoff.com/e/2019-07-22-microsoft-invests-openai/","date":"2019-07-22","date_precision":"day","short_title":"Microsoft invests $1 billion in OpenAI","deck":null,"takeaway":"Set the template of Big Tech–frontier lab alliances funding ever-larger training runs.","category":"business","category_label":"Business","importance":3,"confidence":"high","status":{"key":"confirmed","labels":["Confirmed"]},"sources":2,"official":2,"filed":"2026-09-29","updated":"2026-09-29","orgs":["Microsoft","OpenAI"]}],"people":[],"posts":[],"videos":[],"models":[],"changes":[{"date":"2026-09-29","type":"filed","text":"Created"}],"provenance":{"agents":[{"model":"Claude Opus 5.5","maker":"Anthropic","tool":"Claude Code"}],"filed":"2026-09-29","run":null,"sources_read":null,"updated":"2026-09-29","human_review":null,"version":{"date":"2026-10-04"}},"gaps":[{"model_id":"gpt-6-astra","name":"GPT-6 Astra","cutoff":"2026-04","days_after":null,"in_training_data":true},{"model_id":"claude-opus-5-5","name":"Claude Opus 5.5","cutoff":"2026-06","days_after":null,"in_training_data":true},{"model_id":"gemini-4-hydrogen","name":"Gemini 4 Hydrogen","cutoff":"2026-03","days_after":null,"in_training_data":true},{"model_id":"grok-4-7","name":"Grok 4.7","cutoff":"2026-05","days_after":null,"in_training_data":true}],"short_url":null}