Internal notes released as part of legal filings reveal that Elon Musk initially supported an OpenAI plan to raise $10 billion through an initial coin offering (ICO) in early 2018. The discussions highlight a moment when the organization considered a for-profit arm funded by blockchain-based tokens to support its broader AI mission.
Musk Walked Away Amid Funding Concerns
Transcripts from a January 2018 call show Musk agreed to explore the ICO as a potential fundraising tool. However, by the end of the month, he had withdrawn support, citing concerns that OpenAI would not be able to raise sufficient capital through the token sale. Musk subsequently focused on AI work at Tesla and later left OpenAI entirely.
Internal notesĀ from early discussions between Elon Musk and the founders of OpenAI ;
The plan reflected the height of the 2017ā18 ICO boom, when startups raised billions via token sales to the public, often bypassing traditional venture capital. Regulatory uncertainty and market volatility eventually curtailed this model, but at the time, even mainstream tech leaders seriously considered token-based fundraising.
OpenAIās Current Structure Emerged
Muskās departure cleared the path for OpenAI to adopt its current hybrid structure, combining a public benefit corporation with a controlling nonprofit. The ICO discussions offer a unique look into how early blockchain and AI fundraising ideas intersected, providing insight into pivotal strategic decisions in OpenAIās evolution.
This episode underscores the experimental mindset of OpenAIās early team and the influence of crypto trends on major tech initiatives.
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