From Nonprofit to PBC to IPO Candidate: OpenAI's Structure and Money

OpenAI completed its recapitalization in October 2025, raised a record $122 billion in March 2026, filed confidentially for an IPO in June, and is reportedly raising again at $1.25 trillion. This episode explains the structure, the Microsoft relationship and the IPO timeline, and what they mean for how you talk about ownership, pressure and your own motivations.