OpenAI’s path to a potential IPO may have just got a little clearer. The AI company said on Thursday it has reached a preliminary agreement with major investor Microsoft that could allow the startup to restructure and, eventually, go public.

Both companies signed a non-binding memorandum outlining “the next phase” of their relationship, with a definitive agreement expected in the coming months. The announcement was light on details; financial small print was not disclosed, and the companies said they are still finalizing contractual terms.

“Together, we remain focused on delivering the best AI tools for everyone, grounded in our shared commitment to safety,” the companies said in a Thursday statement.

Nevertheless, the deal appears to address the structural and competitive friction

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