ChatGPT-maker OpenAI's CFO talks about future IPO at Dublin Tech Summit but 'warns' audience: 'Nobody tweets in this room that Sarah Friar...'
OpenAI
's Chief Financial Officer,
Sarah Friar
, has said that the company's recent restructuring plans may pave the way for a future initial public offering (IPO). However, any decision to go public would hinge on both the readiness of the company and the prevailing conditions in public markets.
"A PBC gets us to an IPO-able event... if and when we want to," Friar said at the
Dublin Tech Summit
.
She humorously cautioned the audience, "Nobody tweet in this room that Sarah Friar just said anything about OpenAI ultimately going public. I did not. I said it could happen."
When questioned about the prerequisites for an
OpenAI IPO
, Friar highlighted two essential factors: the company's preparedness and the market's receptiveness.
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"You can show up at the altar all ready to go, and if the market's not ready for you, yeah, you're just out of luck," she explained.
Friar emphasised the importance of building a sustainable and resilient company, regardless of public market conditions. She added that while high-growth companies might tolerate some unpredictability, the market generally prefers a degree of certainty from public entities.
OpenAI decides to be under non-profit parent's control
OpenAI, which has received over $13 billion in investment from Microsoft, had initially announced plans in December to convert its for-profit arm into a public benefit corporation (PBC). This structure aims to balance financial returns for shareholders with broader social objectives, a contrast to non-profit entities focused solely on public good.
Earlier this month, the ChatGPT-maker adjusted this plan, ensuring its non-profit parent retains control of the PBC while becoming a significant shareholder, allowing the for-profit arm to raise necessary capital for continued competitiveness in the AI sector.
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