As Fortune reported in September, Altman told his staff at the time that OpenAI would next year become a more traditional for-profit company. In its latest blog post, the company publicly confirmed the planned change for the first time.

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Rumors that OpenAI plans to spin off its for-profit arm have been swirling since August. The restructuring was reportedly a condition of the ChatGPT developer’s recently closed $6.6 billion funding round: investors can ask for their money back if OpenAI doesn’t complete the reorganization within two years.

OpenAI has proposed restructuring its for-profit wing as a PBC to attract investors while maintaining the non-profit; in line with the mission.