OpenAI on Friday laid out a plan to revamp its corporate structure next year, saying it would create a public benefit corporation to manage its growing business and ease the restrictions imposed by its current non-profit parent.

OpenAI is planning to convert its for-profit arm to a public benefit corporation in Delaware "with ordinary shares of stock."

OpenAI said it needs “more capital than we’d imagined” as the Sam Altman-led artificial intelligence pioneer outlined plans for revamping into a for-profit company. Under the proposed structure, the ChatGPT maker’s existing for-profit arm will become a Delaware public benefit corporation (PBC) — a company that is structured to consider the interests of society in addition to shareholder value.