OpenAI to remove non-profit control and give Sam Altman equity

Author

Noel Moldvai
September 26, 2024

Good Afternoon! As expected, OpenAI is looking to raise additional capital, and the "non-profit" status is starting to cramp its style. The upcoming restructuring will also provide an opportunity for Sam Altman to receive equity.

TL;DR

  • OpenAI to remove non-profit control and give Sam Altman equity

  • Commvault accelerates cyber resilience capabilities for AWS with acquisition of Clumio

  • Cerebras Systems targets raising up to $1 billion in IPO

  • Anthropic reportedly in early talks to raise new funding on up to $40B valuation

  • OpenAI CTO Mira Murati says she’s leaving the company

  • Cloud-computing firm CoreWeave in talks for share sale at $23 billion valuation

OpenAI to remove non-profit control and give Sam Altman equity

OpenAI plans to restructure into a for-profit benefit corporation, removing non-profit control to attract investors. CEO Sam Altman will receive equity in the newly valued $150 billion company. The move may affect AI safety governance and follows leadership changes, including the departure of CTO Mira Murati.

Commvault accelerates cyber resilience capabilities for AWS with acquisition of Clumio

Commvault will acquire Clumio to enhance its cyber resilience and data protection solutions for AWS. The acquisition strengthens Commvault's recovery offerings and platform by integrating Clumio's cloud-native technologies. The deal, expected to close in October 2024, will be accretive to revenue and free cash flow, with minimal impact on Commvault's finances.

Cerebras Systems targets raising up to $1 billion in IPO

Cerebras Systems, an AI semiconductor startup, plans to initiate its IPO this week, aiming to raise up to $1 billion. The company intends to file with the SEC and start an investor roadshow soon. Cerebras could be valued at $7-8 billion. The IPO is led by Citigroup, with Barclays also involved.

Anthropic reportedly in early talks to raise new funding on up to $40B valuation

Anthropic is reportedly seeking new funding at a valuation up to $40 billion. Talks are in early stages. The company has raised $7.6 billion previously, with Amazon as its largest investor.

OpenAI CTO Mira Murati says she’s leaving the company

OpenAI's CTO, Mira Murati, announced her departure after six years, citing a desire to explore new opportunities. Murati played a key role in developing ChatGPT, DALL-E, and Codex. Her exit follows other high-level departures at OpenAI and comes as the company seeks new funding and transitions to a for-profit structure.

Cloud-computing firm CoreWeave in talks for share sale at $23 billion valuation

CoreWeave, a cloud computing provider specializing in AI, is in talks to sell existing shares, potentially valuing the company at $23 billion. The sale could allow shareholders to tender $400-500 million. This follows a $19.1 billion valuation in May and precedes a potential IPO in 2025. CoreWeave's rapid growth is fueled by partnerships with Nvidia and significant investments from firms like Coatue Management and Magnetar Capital.

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Until next week!

Cheerio,
-Noel