$2b/month which is $24b/year. Not as much as I expected considering they were at $20b by end of 2025.[0] They only added $4b since?

Anthropic had $19b by end of February 2026 and they added $6b in February alone.[1] This means if they added another $6b in March, they're higher than OpenAI already.

However, I heard that OpenAI and Anthropic report revenue in a different way. OpenAI takes 20% of revenue from Azure sales and reports revenue on that 20%. Anthropic reports all revenue, including AWS's share.[2]

[0]https://www.reuters.com/business/openai-cfo-says-annualized-...

[1]https://finance.yahoo.com/news/anthropic-arr-surges-19-billi...

[2]https://x.com/EthanChoi7/status/2036638459868385394

I lost track when business analysts stopped analysing CEO-level commitments and outputs and performance. right now, it seems that whatever promise is taken as certain and company puffery (using the language invented by themselves) is taken lightly to tricky investor in throwing money.

the whole thing did not yet crash because it seems they can still promise even more without actually delivering definite results

This announcement completes the betrayal of their founding principles.

"Our goal is to advance digital intelligence in the way that is most likely to benefit humanity as a whole, unconstrained by a need to generate financial return."

  - Not advancing digital intelligence
  - While locking people into a superapp
  - Because they are further constrained to generating financial returns

> Today, we closed our latest funding round with $122 billion in committed capital at a post money valuation of $852 billion.

A couple things that stand out to me about this is the use of the phrase "committed capital", which only sounds like a promise that could break from various circumstances, and the valuation of their funding keeps changing so it sounds like a max rather than the valuation every investor invested at.

> The broad consumer reach of ChatGPT creates a powerful distribution channel into the workplace

They mention this line in different forms a couple of times in the article. It’s clear they’re pretty rattled about Anthropic’s momentum in enterprise, I wonder how confident they really are in this rationale.

No, they didn't raise $122B as the HN title implies. A big chunk of that $122B is a "maybe" that depends on various things that need to happen in the future.

Oh, man... I can't wait to see where this is going. Might not be pretty after all.

The title is incorrect. The $122B includes previous promises. They raised an additional $12B of promises:

"The round totaled $122 billion of committed capital, up from the $110 billion figure that the company announced in February. SoftBank co-led the round alongside other investors, including Andreessen Horowitz and D. E. Shaw Ventures, OpenAI said."

This IPO, if anyone underwrites it, is going to fleece retail so hard. Better make it a SPAC with the help of Chamath and Cantor & Fitzgerald.

> This is not just product simplification. It is a distribution and deployment strategy.

iykyk

Funny how quickly they have become like every other tech company. There is basically no hint of OpenAI the non-profit anymore.

Edit: Why did this go from their press release to a news story?

I'm old enough to remember when companies worth $1 billion were called "unicorns." Now we have a company raising 122 times that? Valued at nearly 1000 times that...?

At least they're throwing consumers a bone via the ARK deal. It's crazy how little AI exposure is available to anyone who isn't already wealthy and/or connected.

This has to be just an extension of their previous raise, right? This was a month ago: https://openai.com/index/scaling-ai-for-everyone/

I can't help but think building an "everything" app is so.. both unbelievably ambitious, and a folly. I am not personally convinced that people want all the things that this super app purports to do.

I am from a generation that still sits behind a desktop computer when making "big purchases." I can't even buy a flight on my phone. I am so much less likely to want to have an AI agent do that for me.

Then the idea that daily consumption of these products will drive people to use them more at work... I have a very different life outside of work. My use of AI outside of work is exceedingly different to what I use it for at work.

I sometimes feel wildly out of touch. But sometimes I view this as the VR moment. To me there are some things that I think may always be preferable to do outside of that ecosystem. And for me, a lot of tasks that 'agents' enable are small enough or important enough that I want to do them myself.

I don't think I'll ever be comfortable allowing an agent to call me a taxi, or order food on my behalf. Because the convenience of asking for food isn't worth the chance it'll mess up, and opening an app and looking at a menu is simpler.

I also think we're coming to a moment where we can start identifying the markers of AI generated content on sight. And I think there's a growing animosity to it. I might be comfortable asking AI something, but when I am looking for or searching for other content, seeing AI content markers make me angry at this point.

To finish, I do just sort of straight up hate the idea that we're comparing this moment to the invention of electricity. It's on the face of it absurd.

I get the appetite for frontier models. But why not just invest in Google. Do they really expect the return profile of OpenAI to be vastly different than Google’s Gemini?

This leak and looking into source code gave me an impulse to try OpenCode with codex models. I am very impressed with how well it works, and the UI is beautiful.

Amazing. Reporting two mercurial numbers as if they were cornerstones.

Ugh, does this mean I should say goodbye to what little RAM and other hardware remains available on the consumer market?

With $122B what are you going to build next? Spaceships?

This all smells fishy. They didn’t “raise” $122B. Raise means someone put funds in your bank account and said send us the next quarterly report to tell us how our investment is doing.

They have pieces from paper of folks saying they may put up funds or goods and services in that amount. But it’s important to remember that:

1. While they are “raising” commitments others are backing out of deals (see Disney, various data center things). Big deals announced to major fanfare are falling through.

2. They slashed capital expenditure for the future after previously boasting about all the commitments. This is turning into bonkers math of X + Y - X + Z + W - 1/2 of Y = ? On trying to keep track of what’s actually “raised / real” vs what was PR puffery that folks ran away from later.

3. Circular financing still seems to be going on. Big difference of here’s cash, have fun and various “commitments” and balance sheet games that seem to still be going on.

Net net this all still looks very scary and iffy at best.

I hate to read this line when academics and graduate students who work in basic and hard sciences have their funding cut. The grand funding that pays minimum wage to grad students is a burden for this society, yet for a company that took all the valuable data from sources that never got credit, raises billions of dollars. Open says the name, but closed it is by operation. Sorry for this rant, but the priorities of this world suck.

Fortunately, OpenAI's naming didn't cause a wave of greedy and predatory new companies, like OpenHealth, OpenEnergy, OpenCompute. The non-sexy name of their product using the originating algorithm (GPT) is punishing them. It could be anything else more attractive that would bring more customers. Because, for me, a good, inspiratory, engaging name is half the success.

Are there any Polymarket / Kalshi bets on the over-under for the price? I wonder when the music will stop.

Microsoft will buy OpenAI for $500B, rebrand it as Microsoft AI.

The only thing that's really accelerating is how fast you get rate-limited on ChatGPT.

What if all the people currently using these "AI" services are the entire market for those services? I'm pretty sure everyone that wants to use LLMs is already doing so and already paying for the service.

That would mean the only way to increase growth would be to charge more per token and to get the existing people to use more tokens. Both of which seem to be only what mature companies do when trying to squeeze the cash cow for all it's worth.

It also explains why they're trying to stuff AI into everything, to keep the numbers up, and to get everyone to try and pay them money.

feels like an insult to readers to try to pretend that their revenue per month is comparable to google or apples growth when the funding is absurdly different, not to mention inflation itself.

I am very much onboard with AI within my workflow. I just don't really see a future where openai/anthropic are the absolute front runners for devs though. Maybe OpenAI does just have the better vision by targeting the general public instead, and just competing to become the next google before google can just stay google?

What is their next step to ensure local models never overtake them? If i could use opus 4.6 as a local model isntead and wrap it in someone else's cli tool, i 100% do it today. are the future model's gonna be so far beyond in capability that this sounds foolish? the top models are more than enough to keep up with my own features before i can think of more... so how do they stretch further than that?

A side note i keep thinking about, how impossible is a world where open source base models are collectively trained similar to a proof of work style pool, and then smaller companies simply spin off their own finishing touches or whatever based on that base model? am i thinking of thinks too simplistically? is this not a possibility?

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The only way they can manage this type of monetization is a lot of compute to process outputs.

Each passing day the lie that markets efficiently allocate capital is further exposed

I thought they needed $7 trillion or they'd be unable to keep training new models?

Intuitively, it just doesn’t feel like OpenAI has a trillion dollar moat.

Looking forward to the movie about this absolute scammer Sam Altman when this is all said and done.

Does anyone know if this, like the spacex/xAI stock — will list on nasdaq? And will it be part of every market cap weighted index fund like VOO(S&P) etc or just for nasdax-100 etfs?

The exchanges are bending head over heels to accommodate these IPOs[1] and make our retirement index funds the exit-liquidity strategy to the thievery of pump and dump actors that buy it low and then sell high? As i understand the way thievery works is:

1. List at many multiples of market valuation on an exchange. So if you company is just 10 billion$ nasdaq and theives collude and say "can make it 100 billion..".

2. Lots of institutional investors and rich billionaires get stock options.

3. All market weighted index funds — aka all *your* low expense ratio ETF money — have to re-balance and buy them, raising their value: the exit-liquidity event

4. Rich A**** get richer by making an profit by selling higher.

[1] https://www.economist.com/leaders/2026/03/31/index-providers...

isn't it weird that there is no attribution to a human here? i mean, eventually, they have to dropkick sama and install GPT itself as king, right? EOQ seems as good a time as any

With $122 billion at your disposal, what do you plan to build next—spaceships?

I do not understand how these companies can have such high valuations when minimax m2.7 is going to be open weight.

Pardon my ignorance, but how can a company that spends almost $2 for every $1 it brings in be worth anything?

What will happen first? The Singularity arrives, and hyper-intelligent AI causes such rapid technological change that the world becomes unrecognizable overnight?

Or OpenAI pays off it's investors? Lol.

I am not sure if I believe in the Singularity or not. But it's kind of the best story ever to support the game of musical chairs that is Silicon Valley investing.

Are we going to see a trillion dollar IPO?

Would be nice to have this seperated from, i-owe-you, vs actual funding that's liquid!

Feels like the number is more about FOMO than fundamentals at this point.

There is a lot of talk about the AI bubble. I think there are comparisons to the late 90's/early 00's here with early stars rising quickly but, ultimately, falling. Since essentially everything touches the internet now it is clear that the 'internet bubble' was more of a shakeup of companies than a real over-hype of the internet. That, I think, is at play right now too with the 'AI bubble'. AI isn't going away but some of the early stars may not make it.

So, the real question here is: Is OpenAI Netscape, or are they Google?

the only lesson the common man should take from these valuations: start to protest against AI conpanies being included in the sp500!

unless you're a private investors in these preIPO, the whole plan is to get big enough, get forced entry into indexes, and leave early with everyone else holding the bag.

$852B and we still don't have an IAM layer for AI agents.

Almost a trillion for a company that hasn’t proved it can reach any form of profitability, all on the promise of an elusive messianic concept of machine superintelligence through probabilistic algorithms. Basically like praying cancer away. Peak magical thinking, peak America.

[flagged]

well we do need at least two powerful AI companies, so they can cross checkout each other when I use them.

does Softbank run of out money i.e announce these deals but never follow up ?

This is so bad. OpenAI has already singlehandedly destroyed the global flash memory market with their war chest, this will just give them more power.

Google is totally going to run this company out of money aren't they?

This is going to be bad

They are trying very hard to convince themselves that it's going to work, when we see all the models plateauing... it's clearly hitting the ceiling

Wow. I doubt Anthropic can raise that. Are they more efficient, can they do with less?

No mention of "AGI" this time. Since we all knew it was a scam. But this is the most damning of them all:

> The OpenAI flywheel is simple. More compute drives more intelligent models. More intelligent models drive better products. Better products drive faster adoption, more revenue and more cashflow.

FTX had a "flywheel". It fell off. Being saddled with hundreds of billions of debt makes this situation ten times worse.

"Commited capital" - is this the same commited as the $500B for the Stargate project ?

Not gonna lie, I hate those announcements lately. It's full bullshit mode, worse than the Dot-com bubble. Numbers don't make any sense, any more, and yet journalist don't ask any real questions...

thats a really large number

God help us if all of our retirement index funds are forced to buy this bankruptcy bomb.

Nah this raise (commitment) is... blah.

Last announcement I reckon pre-IPO and the inevitable collapse.

Inflation is a hell of a drug.

People won't be able to afford to leave their beds because food prices will be too high to justify the energy cost of standing up.

Every joule of human energy is energy that could have been better spent to produce AI slop for other AI agents to consume.

the hype machine knows no bounds. it should be illegal to publish such farcical claims when they are intended to manipulate markets...

Money has lost all meaning in tech. 122 Billion raise! This is some kind of dream.

didn't they just raise last month?

Thsi is the most blatant pump & dump scam I've ever seen. It's going to crash like a meteor.

Good luck competing with Google which has "unlimited" budget.

They have to focus on the distant future (where they are frankly unlikely to exist) because they are falling further and further behind in the immediate future.

Their latest desperate bid for relevance is a plugin for Claude Code that uses Codex as a second opinion. Please clap.

"Despite unprecedented capital investment in our R&D, our core product isn't getting meaningfully better so now we're building an app."

Doesn't really strike me as the kind of statement that comes out of a company that can sustain a ~$1T market cap...

> The OpenAI flywheel is simple. More compute drives more intelligent models. More intelligent models drive better products. Better products drive faster adoption, more revenue and more cashflow. That gives us the ability to reinvest and deliver intelligence more efficiently to consumers, enterprises, and builders around the world.

-x-

In short, the musical chairs are still playing... Keep on walkin' round, y'all, till the music stops.

/s

Fortunately, I was afraid that this was another bubble. /s

I wonder what the bet is here, long term that valuation is going to have to go up even further for this investment to make sense so they're clearly betting that at IPO time they'll be able to convincingly demonstrate AGI or something extremely close to it. That's a pretty risky bet, and meanwhile, whatever they come up with will be a commodity within a year. And that's besides OpenAI no longer being seen as the dominant player or the player with the best edge.

"This is not just product simplification. It is a distribution and deployment strategy."

I am so sick of AI writing.

> We are now generating $2B in revenue per month

What??

> Within a year of launching ChatGPT, we reached $1B in revenue. By the end of 2024 we were generating $1B per quarter. We are now generating $2B in revenue per month.

They raised $122B.

122 / 12*2 = 5 years to get your money back (I simplify, I know revenue <> profit)

They are so big that almost no one can afford to acquire them. It is similar as someone would like to acquire MSFT or AAPL.

WCGW?