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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...

wheresyoured.atWhere Is OpenAI's Money Going?Soundtrack: Queens of the Stone Age - Song For The Dead Editor's Note: The original piece had a mathematical error around burnrate, it's been fixed. A few days ago, Sam Altman said that OpenAI’s rev...

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...

7/11/25, 5:35 pm28 reposts169 likes

@olliesrfc.bsky.social

Left lights on in the server room?

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...

@mattonmovies.bsky.social

Capitalized expenditures?

?

@mattonmovies.bsky.social

Cash pays for Long-Lived Property & Equipment or some other asset. Cash out the door, but expense is deferred because the equipment gets depreciated over time.

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...

Stargate Abilene being full of inference-focused GPUs tells you something OpenAI won't say out loud: the models are too expensive to run. the business model requires inference costs to drop faster than usage grows. that's a bet, not a plan

@mommabrooke.bsky.social

I don't understand, but I want to. What does inference mean, in this case? Is there a "for dummies" version of this?

Marc Jacobs (he/him)

@trollball.bsky.social

A simplified version. You *train* a model to do something. Example, differentiate dogs from cats in photos. This might take 1000s of photos. You then use a model on a new photo. “Is it a cat or dog in this photo?” That is “making an inference.” Inferences are claimed cheaper than training. 1/3

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...

Midwest Peoples Republic

@ericleitzen.bsky.social

Caleb Bryant Miller

@calebbryantmiller.bsky.social

A billion here, a billion there, pretty soon you’re talking real money.

@jim85.bsky.social

Don’t worry, I’m sure it’s just buying more Nvidia chips that Nvidia can then use as capital to invest in OpenAI. No problems here

openai doesn't buy nvidia chips

@jim85.bsky.social

Didn’t they have a deal to open data centers with the 100 billion investment that were going to use Nvidia chips? I probably cut out a data center ownership step in this loop though

@jim85.bsky.social

This deal nvidianews.nvidia.com/news/openai-...

nvidianews.nvidia.comOpenAI and NVIDIA Announce Strategic Partnership to Deploy 10 Gigawatts of NVIDIA SystemsOpenAI and NVIDIA today announced a letter of intent for a landmark strategic partnership to deploy at least 10 gigawatts of NVIDIA systems for OpenAI’s next-generation AI infrastructure to train and ...