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OpenAI might not be able to pay its data center bills.
This came out last night via WSJ.
They missed multiple monthly revenue targets this year. Fell short of 1 billion weekly ChatGPT users.
Anthropic has been taking their coding and enterprise clients (the ones that actually pay)
Altman committed $600 billion in future data center spending. They’re burning $25B in cash this year against a $30B revenue target. That’s a $5B margin if everything goes perfectly.
It’s not going perfectly.
They raised $122B, the largest funding round in Silicon Valley history, gone in 3 years at this rate. Parts of it are conditional on targets they’re missing.
SoftBank down 11% in Tokyo this morning. CoreWeave, Oracle, AMD all hit in premarket.
Sam Altman is pushing for an IPO. His CFO doesn’t think they’re ready.
If OpenAI can’t monetise with $122B and the most recognisable brand in tech, what are the rest of these AI valuations based on?