OpenAI threatens to delay its planned restructuring into the coming year. The AI specialist, recently valued at $300 billion, is negotiating with major investor Microsoft over key contract issues that will decide on billion-dollar investments and a potential stock market listing.

The main point of the discussions is Microsoft's exclusive access to OpenAI technology via Azure. OpenAI is pushing to enable additional partnerships with Google and Amazon Web Services to expand API revenues, which currently account for about a quarter of the annual recurring revenue of $12 billion. A compromise could be to handle only certain government contracts outside of Azure.

The question of intellectual property also remains sensitive. Microsoft wants comprehensive insight into future model development, while OpenAI wants to limit access. The so-called AGI clause is particularly controversial: it gives OpenAI the right to restrict Microsoft's IP access once "artificial general intelligence" is achieved. CEO Satya Nadella seeks its removal, but OpenAI views it as a crucial bargaining chip.

For Microsoft, a 30 to 35 percent stake in OpenAI is on the table, depending on the outcome of negotiations. So far, the company has invested over $13 billion. If no agreement is reached by the end of the year, SoftBank could withhold its pledged $10 billion.

Parallel talks are underway with other shareholders as well as the Attorneys General in California and Delaware, who must accompany the planned conversion into a corporation. Despite open questions, the demand for shares is high: A secondary sale could value OpenAI at $500 billion, far above the $300 billion of the last financing round.