OpenAI has completed a major recapitalization and restructuring, forming a Public Benefit Corporation with a non-profit Foundation holding special voting rights and equity valued at $130B. Microsoft holds about 27% diluted ownership and committed to $250B in Azure spend, losing exclusivity on compute but retaining Azure API exclusivity until AGI is declared. The compute infrastructure deals for 2025 total 30GW worth $1.4T, with OpenAI aiming to build 1GW per week at $20B per GW, projecting $3-4 trillion infrastructure by 2033. The company is shifting focus from first-party apps to a platform approach, emphasizing ecosystem growth and third-party development. Sam Altman and Sama are key figures in this transition, with significant financial and strategic implications for AI industry partnerships, including openness to Anthropic and Google Gemini on Azure.