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Elon Musk Once Backed an OpenAI ICO Plan Before Walking Away
Newly released internal notes reveal that Elon Musk briefly supported a plan for OpenAI to raise around $10 billion through an initial coin offering (ICO) during the height of the 2017–2018 crypto boom, before later abandoning the idea and leaving the organization.
The information comes from internal call transcripts published as part of OpenAI’s response to Musk’s ongoing lawsuit, offering rare insight into the organization’s early funding discussions and its intersection with blockchain technology.
OpenAI Considered Token-Based Funding in 2018
According to the documents, discussions held in January 2018 show Musk agreeing that OpenAI should explore launching an ICO. The proposal involved creating a for-profit arm that would issue tokens, with proceeds used to support OpenAI’s nonprofit mission.
At the time, ICOs were a dominant fundraising model in crypto markets. Startups raised billions of dollars by selling tokens directly to the public, often without clear regulatory oversight. The approach was viewed as a fast alternative to traditional venture capital.
OpenAI’s internal conversations highlight how seriously even leading AI researchers and tech executives considered token-based funding during that period.
Musk Later Rejected the ICO Approach
By the end of January 2018, OpenAI founders said Musk had reversed his position on the ICO plan. According to OpenAI, Musk concluded that the organization would not be able to raise sufficient capital through a token sale and chose instead to concentrate on artificial intelligence development at Tesla.
Shortly afterward, Musk formally departed from OpenAI. His exit marked a turning point in the organization’s evolution.
A Shift Toward Today’s OpenAI Structure
Following Musk’s departure, OpenAI moved away from the ICO idea entirely and later adopted its current structure: a public benefit corporation governed by a controlling nonprofit. This model was designed to balance OpenAI’s commercial needs with its long-term mission of ensuring artificial general intelligence benefits humanity.
The resurfacing of these ICO discussions offers a glimpse into how experimental funding ideas shaped early AI development during the crypto boom — before regulatory scrutiny and market volatility caused ICOs to fall out of favor.
ICOs and the 2017–18 Crypto Boom
The 2017–18 period was defined by intense ICO activity, with billions of dollars raised globally. However, unclear regulations, speculative excess, and high-profile project failures eventually led to increased oversight from regulators and a sharp decline in ICO popularity.
OpenAI’s early exploration of token funding reflects how deeply crypto concepts penetrated mainstream technology circles during that era.
Why the Revelations Matter Now
The disclosures arrive amid legal proceedings and renewed debate over OpenAI’s governance and mission. They provide fresh context on how early strategic decisions — including the rejection of crypto-based funding — helped shape the organization’s current direction.
Suggested Images & Graphics for Binance Article
Images
Elon Musk and OpenAI logo side-by-side
Visual representing ICO tokens and blockchain
Timeline-style graphic of OpenAI’s early years (2015–2018)
Charts / Graphics
Timeline:
2015 (OpenAI founded) → 2017–18 (ICO boom) → Jan 2018 (ICO discussions) → Late 2018 (Musk exits)
Infographic: “How ICOs Funded Startups During the Crypto Boom”
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