May 29 2025 – OpenAI’s Chief Financial Officer, Sarah Friar, signaled today that the company’s ongoing organizational restructuring could position it for a potential public listing in the future, though she emphasized that no definitive plans for an initial public offering (IPO) had been finalized. The decision to proceed would hinge on both internal readiness and broader market conditions, she noted.
Microsoft, a key ally of OpenAI, has already poured over $13 billion into the artificial intelligence firm. Last December, OpenAI made headlines by announcing it would restructure its for-profit subsidiary into a “Public Benefit Corporation” (PBC), a hybrid model designed to balance shareholder returns with societal impact—a distinction from traditional nonprofits focused solely on public welfare.
However, OpenAI tweaked its strategy earlier this month. While its nonprofit parent entity will retain majority control and ownership of the PBC, the for-profit arm remains authorized to pursue additional funding rounds. This move, analysts suggest, aims to sustain OpenAI’s competitive edge in the rapidly evolving generative AI landscape.
Speaking at the Dublin Tech Summit, Friar clarified the implications of the PBC framework: “Establishing this structure doesn’t guarantee an IPO, but it does create a pathway if and when we decide the time is right.” She lightheartedly cautioned the audience: “Let’s not start a Twitter storm claiming I just confirmed OpenAI is going public. I didn’t say that. I said it’s a possibility.”
When pressed about prerequisites for listing, Friar underscored the need for dual alignment: internal rigor and external opportunity. “Even the most prepared company can’t force an IPO if market dynamics aren’t favorable,” she explained. “Our goal is to build resilience—a company that can navigate volatility, regardless of whether capital markets are buzzing or subdued.”
Stability, she added, would be nonnegotiable for a publicly traded OpenAI. “Markets tolerate a degree of unpredictability, especially when paired with hypergrowth,” she acknowledged. “But uncertainty? That’s a different story. Investors crave clarity, even in fast-moving sectors like AI.”
The remarks reflect OpenAI’s delicate balancing act: scaling aggressively while anticipating the scrutiny that comes with public ownership—should that road ever be taken.
