Elon Musk and group of investors have offered to pay $97.375 billion “in cash” for the operating assets of OpenAI, according to the official letter of intent which sets a May 10 deadline for the offer to be accepted or rejected.

The four-page letter of intent, which was filed in a federal California court on Wednesday, states that Musk’s party expects to conduct a detailed review of OpenAI’s “financial projections including as to the OpenAI For- Profit Entities, with a focus on the key drivers of revenue growth and EBITDA.”

The letter reveals the first concrete details about Musk’s surprise hostile bid to acquire the maker of ChatGPT. Musk’s lawyer announced on Monday that the group of investors had made an unsolicited bid for OpenAI, but the actual terms of the deal were not yet public. OpenAI CEO Sam Altman publicly rejected the offer in a tweet on Monday, though the company’s board has yet to make an official response.

The “buyer anticipates that one hundred percent (100%) of the total purchase price would be paid in cash,” reads the letter, which adds that the “Buyer will not require third-party debt financing to be a contingency to closing the Transaction.”

Among the consortium of investors joining Musk and his AI company, xAI, that are listed in the letter are Baron Capital Group, Valor Management, Atreides Management, Vy Fund III, Emanuel Capital Management, and Eight Partners VC.

As part of the buyer’s due diligence process, the letter states that OpenAI must grant it “access to any assets, facilities, equipment, books, and records of the Company in connection with the Business,” as well as access to “particular personnel” involved in the business.

The four-page letter, which was signed by Elon Musk, was submitted into the case file as an exhibit in the ongoing lawsuit between Musk and Altman and OpenAI by OpenAI’s attorney. OpenAI’s lawyers allege that the letter “further exposes” that a recent motion was an attempt by Musk, who is CEO of AI competitor xAI, to undermine OpenAI.

The letter set a three-month deadline for OpenAI to agree to a sale, decline negotiation in writing, or for both parties to agree to walk away.

The $97.4 billion valuation was based on OpenAI’s “historical financial results as well as projections for the Company available to Buyer to date,” according to the letter, though it also says that the final price will depend on negotiation and other terms.