Post

Based on analysis of years of revenues, losses and funding, since 2023, OpenAI has taken in $28.6bn in cash and had $13.7bn in losses. However, reports say OpenAI ended 1H 2025 with $9.6bn in cash - suggesting OpenAI's losses are billions higher than reported. www.wheresyoured.at/where-is-ope...

OpenAI is has now signed over a trillion dollars of cloud deals it can't afford. Based on these costs, OpenAI will spend $11 billion a month by 2027. This is more than the operating expenses of Meta, a profitable company with 78k employees. www.wheresyoured.at/where-is-ope...

In an analysis of OpenAI's costs, revenues and funding from 2023 to 1H 2025, it raised $28.6bn in cash ($10bn rev included), and had $13.7bn in cash losses. Reports say OpenAI ended 1H 2025 with $9.6bn. It should have $14.9bn in cash. There's a $4.1bn+ hole. www.wheresyoured.at/where-is-ope...

Based on my analysis, OpenAI burned $19 billion of their $28.6 billion in cash from 2023 through 1H2025, meaning there's at least $4.1 billion in cash unaccounted for, as my analysis includes *ALL* reported costs that OpenAI has incurred. Where is the money? www.wheresyoured.at/where-is-ope...

My theory is that OpenAI's inference costs are much higher than expected. Every new GPU is marketed for inference, Stargate Abilene is full of inference-focused Blackwell GPUs, and OpenAI's latest releases have all been very, very inference intensive. www.wheresyoured.at/where-is-ope...

OpenAI CFO Sarah Friar claims that OpenAI could have "healthy gross margins" if it "wasn't seeking to invest so aggressively." I believe the truth is that OpenAI's on path to getting more out of their models is more inference - which will make margins *worse.* www.wheresyoured.at/where-is-ope...

Reports say that OpenAI will need to raise another $70bn in 2027. Based on my calculations, I believe OpenAI needs to raise $100bn in 2026 just to handle its rate of spending, and potentially more based on $1.4tr+ in deals it has agreed to. What a mess. www.wheresyoured.at/where-is-ope...