In October 2025, OpenAI announced that it had completed its reorganization into a for-profit entity, paving the way for the company to go public at some point in the future, though a spokesperson reportedly said that the company has no immediate plans for a potential public offering (Yahoo [Reuters], BBC, OpenAI, Times of India). Whether OpenAI goes public via an IPO, direct listing, or a merger with a special purpose acquisition company (SPAC) will be immaterial (Investopedia - IPO v Direct Listing, Investopedia - SPAC). Tokenized and derivative trading will not count (Morningstar). If OpenAI further changes its corporate structure or is replaced by a successor in interest, further instructions will be provided.

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