I don’t see the path from here to there, where *there* is a justification for a trillion-dollar-ish valuation.
OpenAI, one week ago, in an unbylined post on the company blog:
Today, we closed our latest funding round with $122 billion in
committed capital at a post money valuation of $852 billion.
For comparison, here are the current market caps and 2025 annual profits for public companies in that valuation range:
Market Cap2025 Net Income
OpenAI closes record-breaking $122 billion funding round as anticipation builds for IPO
OpenAI Valued At $852 Billion After Latest Funding Round
OpenAI officially confirms mega-funding round and ChatGPT super app
If OpenAI is to float on the stock market this year, it needs to start turning a profit
OpenAI, parent firm of ChatGPT, raises $122bn in new funding amid AI boom
The round totaled $122 billion of committed capital, up from the $110 billion figure that was previously announced.
The record-breaking funding round comes as the AI company reportedly lays the groundwork for going public.
OpenAI and Anthropic are approaching trillion-dollar valuations, but history suggests the biggest rewards may go to the companies…
SpaceX, OpenAI, and Anthropic are approaching a combined $3.7 trillion valuation as all three move closer to public listings…
OpenAI has completed a deal to help employees sell shares in the company at a $500 billion valuation.
If the deal goes ahead, it would elevate OpenAI’s valuation on paper by two-thirds to US$500 billion, making it one of the…
