OpenAI and Microsoft are renegotiating the terms of their multibillion dollar partnership in a move aimed at enabling the ChatGPT developer to pursue a future public offering, while safeguarding the software giant’s access to advanced artificial intelligence models, the Financial Times reported.

A key issue under discussion is the amount of equity Microsoft will hold in OpenAI’s new for profit entity, in return for the more than US$13 billion it has invested so far, according to the report.

Microsoft is reportedly willing to relinquish some of its equity stake in exchange for continued access to new technology developed beyond the current 2030 agreement.

The companies are also revising terms of a broader contract that was initially drawn up when Microsoft made its first US$1 billion investment in OpenAI in 2019, the report said.

Last week, The Information reported that OpenAI had informed investors it would share a smaller portion of its revenue with its largest backer as it proceeds with its restructuring plans.

In January, Microsoft amended parts of its agreement with OpenAI after forming a joint venture with Oracle and Japan’s SoftBank Group to develop up to US$500 billion worth of new AI data centres in the United States.

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