OpenAI has completed its transition to a Public Benefit Company (PBC), setting the stage for a potential initial public offering (IPO). The restructuring, finalized after a year-long process, allows Microsoft to maintain a 27% stake in OpenAI, valued at $135 billion, based on the company's $500 billion valuation. This move also includes an agreement permitting Microsoft to utilize OpenAI's intellectual property until 2032, enhancing partnership flexibility. OpenAI CEO Sam Altman has indicated the possibility of an IPO, though no specific timeline has been provided, citing the company's substantial capital requirements. OpenAI projects expenditures of $1.15 trillion by 2029, against a forecasted revenue of $13 billion in 2025. The PBC structure eliminates financial return caps for investors and allocates 26% of the company to the OpenAI Foundation. The restructuring has received approval from state attorneys general in Delaware and California.