OpenAI's completed shift to a public benefit corporation structure—with the nonprofit retaining controlling ownership and a substantial equity stake—underpins the 94% market-implied probability against an acquisition before 2027. This arrangement, finalized in late 2025 alongside Microsoft's adjusted 27% position, reinforces mission alignment while enabling independent capital raises, most recently a $122 billion round at an $852 billion valuation in March 2026. The company continues aggressive expansion through its own acquisitions in developer tools and AI applications, alongside employee liquidity events that reduce pressure for an outright sale. While a sudden strategic pivot or valuation collapse could theoretically alter the outlook, current trader consensus reflects OpenAI's demonstrated preference for autonomy as it scales large language model development.