Microsoft, which has invested $13.75 billion in the startup, remains the biggest holdout among investors as the ChatGPT maker tries to restructure, according to several people familiar with the matter

“The nonprofit status significantly reduces OpenAI’s ability to raise capital, as investors would want to be able to generate a return on their investment, which is considerably harder if a non-profit controls a commercial entity,” said Gil Luria, analyst at D.A. Davidson.

The company will become a public benefit corporation and the nonprofit that has controlled it will be its largest shareholder.