Again, I wonder how these things can go public and how auditors and bankers can sign off on this.
And look at what this implies about OpenAI’s valuation as it moves toward an IPO:
OpenAI’s equity — valued north of $850 billion — is functionally the junior tranche of a capital structure whose senior claims, the take-or-pay compute obligations, exceed any revenue path management itself has articulated.
On those numbers, the equity is effectively underwater, and the market has not priced it that way because it still treats those obligations as service agreements rather than what they are economically: debt.
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