Berber Jin

the timing came as a really big surprise to everyone because we knew from our reporting that OpenAI was targeting a listing by the end of this year.

But to file a confidential prospectus as soon as this Friday

really suggests that they are looking to go basically as soon as possible.

And it's hard to know exactly why they're rushing, but what we do know, more broadly speaking, is that they're competing against Anthropic and, to a certain extent, SpaceX to capture the mindshare of big pockets of money in the public markets that are looking to invest in AI companies.

And each of these different companies

see the advantage of being the first or the second to go out and kind of set the narrative around their business ahead of their rivals.

There's a lot of pent-up demand amongst retail investors and institutional investors like hedge funds, pension funds, etc.

to invest in these AI companies.

There's been a lot of uncertainty recently about whether OpenAI will be able to pay for these giant data center spending commitments they've signed up for, roughly $600 billion of spending that they're on the hook to pay through 2030.

And we've reported that OpenAI has recently had some stumbles.

They've missed a few internal revenue targets.

They've come under very intense competition from Anthropic and Google.

The really big question mark is whether they can get the business in a good enough shape and accelerate their revenue growth in order to tell a story to investors, to Wall Street, where people feel like their finances are in good condition and that they will be able to pay for these giant computing contracts.

that they signed up for.

Thank you.

He really felt like this could have been a chat GPT moment for the creative space.

So Sam Altman, he always had a vision of AI reshaping popular culture, reshaping entertainment, and Sora very much fit into that.

He really felt like this could have been a chat GPT moment for the creative space.

But OpenAI is preparing to go public later this year.

They need to grow their revenue very quickly.