OpenAI hired law firms Cooley and Wachtell, Lipton, Rosen & Katz to prepare for a potential initial public offering. The company could launch its public listing as early as the fourth quarter of this year. Selecting legal counsel is a foundational step in the IPO process that precedes the hiring of investment banks.
A public offering would provide OpenAI with significant capital to fund high AI development costs. The company recently restructured into a for-profit public benefit corporation controlled by its original nonprofit foundation.
Microsoft remains a primary partner and has invested more than $13 billion in the AI leader. The potential offering would rank among the largest in history and significantly impact relationships with major investors.