Elon Musk, along with a group of investors, made an unsolicited offer to purchase the non-profit portion of OpenAI, valued at $97.4 billion. Recent court documents reveal that this “Musk-led consortium” is prepared to retract their offer unless OpenAI’s board chooses to remain a non-profit organization.

This court filing describes the bid for OpenAI’s non-profit sector as serious, despite Musk allegedly informing staff at X through email that the company’s user growth is stagnant and revenue is not impressive, stating that ‘we’re barely breaking even.’

Sources indicate that as of Tuesday, OpenAI’s board had not received a formal bid from Musk’s side. The original bid has drawn considerable public interest regarding OpenAI’s plan to transition to a for-profit model.

OpenAI had started as a non-profit but moved to a ‘capped-profit’ model in 2019. The part that Musk and his investors want to acquire is crucial, influencing the larger, capped-profit organization. OpenAI’s current leadership remains composed, with CEO Sam Altman firmly rejecting the offer and insisting that the non-profit is not for sale.