BREAKING
OpenAI Files for IPO
0
M
Quarterly capex
0
M
Lease liabilities under
0
Debt on books
0
B
Compute commitments
0
B
Partner debt held
Revenue Rising, Burn Heavy
FY25 revenue
13.1
FY25 spend
34
Q1 rev
5.7
Q1 burn
3.7
Strength or Hidden Risk
Bull case
Strength
●
Zero debt on books
●
$852B valuation raise
Concern
Risk
●
$665B off-balance-sheet
●
Partner dependency
Full S-1 Is the Next Test
AI NEWS BLITZ
OpenAI's confidential S-1 filing puts its unusually light balance sheet under scrutiny.