OpenAI has laid out plans to become a for-profit company. In a blog post published on Friday, OpenAI’s board said it will replace the company’s existing structure with one that puts control into the hands of its for-profit arm.

OpenAI, the company leading the generative artificial intelligence boom, is considering a shift in its structure to create a for-profit corporation alongside its non-profit unit.The company plans to change its existing for-profit arm into a public benefit corporation (PBC),

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.