OpenAI on Friday outlined plans to revamp its structure, saying it would create a public benefit corporation to make it easier to "raise more capital than we'd imagined," and remove the restrictions imposed on the startup by its current nonprofit parent.

The company currently has a for-profit org controlled by a nonprofit, with a “capped profit” share for investors and employees. But in a blog post published Friday, the company says it plans to begin transitioning its existing for-profit into a Delaware Public Benefit Corporation (PBC),

OpenAI on Friday laid out a plan to revamp its corporate structure next year, saying it would create a public benefit corporation to manage its growing business and ease the restrictions imposed by its current non-profit parent.

OpenAI is making a big change to fund its future. By 2025, it plans to become a Public Benefit Corporation, combining for-profit operations with a nonprofit arm focused on education, healthcare, and science.