A central issue in the negotiations is determining how much equity Microsoft will receive in the restructured OpenAI in exchange for its $13bn investment.

The companies also are rewriting the terms of a wider contract that was drafted when Microsoft and OpenAI first unveiled an exclusive partnership in 2019, the Financial Times repo

OpenAI's plans to go public hinge on renegotiating its multibillion-dollar partnership with Microsoft, which seeks equity adjustments and long-term tech access in return for its $13B investment.