Documents show OpenAI’s long journey from nonprofit to $157B valued company

Back in 2016, a scientific research organization incorporated in Delaware and based in Mountain View, California, applied to be recognized as a tax-exempt charitable organization by the Internal Revenue Services.

Called OpenAI, the nonprofit told the IRS its goal was to “advance digital intelligence in the way that is most likely to benefit humanity as a whole, unconstrained by a need to generate financial return.”

Its assets included a $10 million loan from one of its four founding directors and now CEO, Sam Altman.