SoftBank Group Corp. (OTC:SFTBF) (OTC:SFTBY) has approved a second $22.5 billion installment to complete its $30 billion investment in OpenAI, led by CEO Sam Altman.
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Board Approval Contingent On Restructuring
According to a report by The Information, the board of the Japanese investment group authorized the payment, provided that the AI startup completed a corporate reorganization that would prepare the way for a potential initial public offering (IPO).
Sam Altman said in August that the company expects to spend trillions on AI infrastructure and ‘has to go public someday‘.
SoftBank and OpenAI did not immediately respond to Benzinga's request for a comment.
$40 Billion Financing Round
The funding would complete a $40 billion financing round announced in April.
SoftBank initially agreed to provide $10 billion in mid-April and an additional $30 billion in December.
For-Profit Structure Required
The investment is contingent upon the California-based AI research group transitioning to a for-profit organization by the end of the year. The investment would decrease to $20 billion if the restructuring is unsuccessful.
Originally planned for a summer launch, a distinct SoftBank-OpenAI joint venture to provide AI services to Japanese corporate clients has fallen behind schedule.
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