3.25yrs still of negative cash flow to come 😬
That’s not really want you want to see as in investor.
OpenAI IPO either gets delayed longer or it’s a hot pile of garbage nobody should purchase.
Why would any investor buy something today that won’t be cash positive at a minimum for 3 more years?
OpenAI projects $278 billion in negative free cash flow through 2030, with $856B in compute and infrastructure spending, per FT.
OpenAI expects revenue to grow from $36B this year to $350B in 2030, totaling roughly $840B through the end of the decade.
Its $122B cash raise from March is projected to be exhausted in 2028.
The company is now discussing another major funding round, with investors approaching it around a $1.2T valuation while OpenAI is seeking a higher figure.
The latest cash-burn estimate is an improvement from the $305B projected in May.
OpenAI has also cut prices as it competes with Anthropic and cheaper Chinese open-weight models, while new model launches helped lift annualized revenue by about 20% in July.
The company confidentially filed for an IPO in June and had targeted a fall listing, but has since delayed the process.