A coalition of over 50 nonprofit, labor and philanthropic organizations, EyesOnOpenAI, submitted a letter to the SEC urging it to ensure OpenAI fully disclose governance risks and their potential financial consequences for investors ahead of its IPO. OpenAI will be the first 501(c)(3) charity to take a controlled entity public, with a valuation that could be as high as $1 trillion. The coalition warns that OpenAI’s nonprofit—the OpenAI Foundation—still controls the company via a special share of Class N stock, through which it has almost complete control over the board and sole authority over all "safety and security decisions." The nonprofit also claims a 26% equity stake in the company. California Attorney General Banton approved OpenAI’s restructuring with binding commitments that the Foundation would operate as a genuine nonprofit, and the California Attorney General has confirmed an ongoing investigation into OpenAI. The coalition notes that when OpenAI’s for-profit arm became a separate Public Benefit Corporation, no independent appraiser confirmed the Foundation received fair value for the charitable assets it surrendered.