OpenAI at $730 Billion: The Clouds Are Forming
A record raise, a $218B projected cash burn, and a shift from training monopoly to inference competition. The story isn’t one company. It’s the risky capital architecture underpinning the AI economy.
OpenAI’s record-setting $110 billion funding round is packed full of revelations about the investors who hedged, the losses that necessitated it, and the competitive shift that threatens it. These looming risks are about more than one company. It’s about the fragility now embedded in the financial architecture of the entire AI economy.