​​​​​​​ISTANBUL

OpenAI on Tuesday said it has completed the process of converting its primary business into a for-profit corporation.

Delaware Attorney General Kathy Jennings approved OpenAI’s plan to transition from a non-profit, established in 2015, to a public benefit corporation -- a for-profit entity designed to operate in the public interest.

The US-based artificial intelligence company gave Microsoft, an early investor in Open AI, a 27% stake, and the non-profit parent that has controlled Open AI since it was founded has a $130 billion share that could grow in value.

The agreement concludes nearly a year of disputes with the attorneys general of California and Delaware, investors and the philanthropic community on whether OpenAI could uphold its mission while becoming a more conventional company.

The new structure is expected to help OpenAI raise funds, attract talent and potentially pave the way for an initial public offering.

Jennings said she had no objection to the plan, effectively ending over a year of negotiations on OpenAI’s governance and the balance of power between its non-profit board and for-profit investors, while authorities in Delaware and California had been reviewing the proposed changes.

“OpenAI has completed its recapitalization, simplifying its corporate structure,” Bret Taylor, chair of OpenAI’s board, said in a blog post.