OpenAI said it will be restructured as a public benefit corporation, and the nonprofit that controls the organization would receive shares in the new company.

One of OpenAI’s co-founders, billionaire Elon Musk, has filed for an injunction to halt the company’s transition to a for-profit, accusing OpenAI of abandoning its original philanthropic mission. Musk has also alleged that OpenAI has deprived his AI company, xAI, of capital by extracting promises from investors not to fund it.

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.

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.