OpenAI CEO Denies Plans for IPO: Here’s Why

OpenAI CEO, Sam Altman, has declared that the company has no current plans to go public. During a conference held in Abu Dhabi, Altman stated that he was not interested in the world of Wall Street and public markets. OpenAI has raised $10bn since its inception, with a valuation of nearly $30bn. Known for its artificial intelligence (AI) via content-generating ChatGPT, OpenAI started as a non-profit but later transformed into a “capped profit” hybrid. This allowed it to receive external investment while still enjoying the benefits of a non-profit organisation. Scientists involved with marketing and creating AI have warned about the threat it poses, particularly content-generating generative AI such as ChatGPT. Some have even suggested it poses an extinction-level risk, and regulation must be implemented. Altman previously commented that if it became difficult for OpenAI to comply with AI regulation laws, the company may leave the EU. However, on reflection, Altman announced that they did not threaten to leave Europe and are excited to operate there.