ChatGPT maker OpenAI said it needs to raise more capital than expected, and laid out plans for transitioning toward a for-profit structure.

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.

OpenAI, the pioneering force behind artificial intelligence breakthroughs, has unveiled a plan to overhaul its corporate structure, signaling a significant strategic shift to fuel its ambitious pursuit of artificial general intelligence (AGI).