Chamath Palihapitiya

Just to put that in perspective, that's about what they're trading for on secondary markets.

In other words, the entire value of the open AI enterprise equals their spend commitments in the coming year.

CFO Sarah Fryer, who is coming to liquidity, is reportedly worried, hey, that revenue isn't growing fast enough to keep up with expense.

And open AI wants to IPO later this year.

This has put Fryer and Altman

in conflict, or maybe there's some natural tension there.

Friar doesn't think OpenAI is ready for public reporting standards, according to the Wall Street Journal.

Altman obviously wants to move faster.

So they released a joint statement.

This is ridiculous, yada, yada, yada.

Let's go to you, Sax.

What do you think's going on here?

Are these major headwinds, or is this just managing expectations as the leader of the pack in the most important race of our lifetimes, the race towards superintelligence?

Of course, and we talked about Grok and Cursor teaming up last week, Elon and the team over there.

Polymarket showing now a 32% chance that OpenAI goes public by the end of 2026.

This is down from 60% in December.

And Chamath, you gave a bit of a warning.

Hey, there's only so many dollars to go around.

SpaceX IPO is obviously getting our first.

And now, if OpenAI doesn't go out this year, and Anthropic does, this sets up an interesting dynamic.