https://www.wsj.com/tech/ai/openais-promise-to-stay-in-california-helped-clear-the-path-for-its-ipo-3af1c31c

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https://www.wsj.com/tech/ai/
openais-promise-to-stay-in-california-helped-clear-the-path-for-its-ipo-3af1c31c

 1. exclusive
 2. Artificial Intelligence

OpenAI's Promise to Stay in California Helped Clear the Path for Its
IPO

Company assured state officials on its commitment as it continues its
global expansion, which could include a public offering as soon as
2027

By

Keach Hagey

and

Berber Jin

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(2 min)

Investors have grown more concerned over the run-up in tech stocks
and valuations of private AI companies, stoking fears of a bubble.
WSJ's Hannah Erin Lang uses three charts to explain what is behind
Wall Street's jitters. Photo Illustration: Ryan Trefes

Nearly two weeks ago, OpenAI Chief Executive Officer Sam Altman sat
down for a call with California Attorney General Rob Bonta to deliver
a simple message: He really wanted OpenAI to stay in California.

Behind it was a subtle threat. As Bonta weighed whether to bless
OpenAI's controversial conversion to a more traditional company
structure, OpenAI had spent months making the case that it was the
economic heart of the California economy--and would be willing to
leave if Bonta blocked its plan to convert to a simpler corporate
structure.

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