{
  "generatedAt": "2026-10-08T17:44:57Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "openai",
  "name": "OpenAI",
  "ticker": null,
  "url": "https://deepstack.ltd/companies/openai/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/openai.json",
  "summary": "OpenAI appears in Part 2, Part 3, Part 4, Part 5, Part 7, Part 8, Part 9, Part 10 of The Buildout. Part 2: SpaceX Is Funding an AI Bet Before the Proof; Part 3: The Machines Will Work. The Debt Might Not.; Part 4: AI Spending Has Met Its First Real Bill; Part 5: OpenAI and Anthropic Are Not the Same Business; Part 7: The Fed Hiked. The Long End Still Climbed.; Part 8: AI Lenders Are Financing the End of Scarcity; Part 9: Habit Was the Moat. Agents Are Draining It.; Part 10: The Bubble Is in the Denominator.",
  "parts": [
    {
      "part": 2,
      "headline": "SpaceX Is Funding an AI Bet Before the Proof",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 3,
      "headline": "The Machines Will Work. The Debt Might Not.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "headline": "AI Spending Has Met Its First Real Bill",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "headline": "OpenAI and Anthropic Are Not the Same Business",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 7,
      "headline": "The Fed Hiked. The Long End Still Climbed.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "headline": "Habit Was the Moat. Agents Are Draining It.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    }
  ],
  "numbers": [
    {
      "value": "18%",
      "label": "OpenAI quarterly growth",
      "context": "Quarter on quarter, Q2 2026",
      "part": 5,
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "value": "$20.9B",
      "label": "OpenAI 2025 loss",
      "context": "Steve Eisman; 2025",
      "part": 5,
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    }
  ],
  "mentions": [
    {
      "part": 2,
      "section": "The customer test",
      "excerpt": "Kevin Gee’s wider question is the one the stock cannot answer with a slide: can the market absorb three trillion-dollar cash-burning IPOs in a single window, with OpenAI still to come?",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 3,
      "section": "Debt is the product",
      "excerpt": "His sharpest exhibit is that Nvidia was in talks to guarantee roughly $250 billion of lease and debt financing for an OpenAI data-center campus in Ohio, plus up to $350 billion for OpenAI’s chip purchases.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 3,
      "section": "Demand has teeth",
      "excerpt": "His checklist is substantial: token demand is up roughly 17,000-fold in four years; DeepSeek raised token prices despite a strategy built on undercutting; combined OpenAI and Anthropic revenue run rates crossed $110 billion in July; and Morgan Stanley put hyperscaler returns on AI capital expenditure at 25 to 46 percent.",
      "url": "https://deepstack.ltd/stories/the-debt-behind-the-machines/"
    },
    {
      "part": 4,
      "section": "The tape picks winners",
      "excerpt": "We would be wrong if Alphabet’s higher 2027 budget lifted the stock, operating cash flow caught up with capital spending, and the next financing for OpenAI and Anthropic showed durable revenue without widening credit terms.",
      "url": "https://deepstack.ltd/stories/the-market-stops-paying-for-faith/"
    },
    {
      "part": 5,
      "section": "Lede",
      "excerpt": "In the second quarter, OpenAI grew revenue about 18 percent from the prior quarter.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "section": "Lede",
      "excerpt": "Steve Eisman reported the same gap a fortnight later, with a brutal addendum: OpenAI’s costs rose about $3bn against roughly $1bn of new revenue.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "section": "Lede",
      "excerpt": "OpenAI is showing the marks of a business being forced to sell intelligence more cheaply.",
      "url": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 7,
      "section": "AI meets the rate",
      "excerpt": "Apollo, relayed by DeepValue Capital, assumes hyperscaler operating cash flow triples from $600 billion to $2 trillion, with OpenAI and Anthropic accounting for more than half of a $2.3 trillion backlog.",
      "url": "https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/"
    },
    {
      "part": 8,
      "section": "Lede",
      "excerpt": "On September 24, Oracle sent a letter to a unit of Blue Owl Capital about Project Jupiter, a 2.45-gigawatt New Mexico campus being built for the Stargate venture with OpenAI.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Who writes the checks",
      "excerpt": "OpenAI and Anthropic were running at a combined $105 billion of annual revenue in July, $40 billion and $65 billion respectively.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "section": "Cash, or a loop",
      "excerpt": "Ed Zitron said Alphabet, Amazon, Meta and Microsoft have together spent over $1 trillion on Nvidia GPUs, mostly to win the business of OpenAI and Anthropic, two companies they also help fund and that both lose heavily.",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "section": "Lede",
      "excerpt": "OpenAI answered the next day with an always-on assistant.",
      "url": "https://deepstack.ltd/stories/habit-was-the-moat/"
    }
  ],
  "sides": [
    {
      "part": 2,
      "question": null,
      "side": "the-number-is-real",
      "sideLabel": "The number is real",
      "claim": "Selling frontier-model inference is extraordinarily profitable: on a GB300 cluster, OpenAI and Anthropic can generate over 100 billion dollars per gigawatt-year of revenue against roughly 12 billion of rental cost.",
      "date": "2026-08-07",
      "url": "https://newsletter.semianalysis.com/p/spacex-10gw-in-2027-why-its-real",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/",
      "sidesUrl": "https://deepstack.ltd/sides/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 5,
      "question": null,
      "side": "openai-commoditized",
      "sideLabel": "OpenAI: commoditized",
      "claim": "OpenAI grew revenue only about 18% quarter over quarter in Q2 2026 (from $5.7B to $6.7B), while Anthropic grew 142% quarter over quarter to $11.6B, showing OpenAI is slowing at the worst possible time just before its IPO.",
      "date": "2026-08-20",
      "url": "https://www.ai-supremacy.com/p/we-have-never-seen-an-anthropic-before-2026-revenue-ipo",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "Because OpenAI and Anthropic pay their bills with venture funding of which Big Tech supplies roughly 40%, revenue Big Tech books from them is partly recycled from itself and not real growth.",
      "date": "2026-08-11",
      "url": "https://www.profgmedia.com/p/plastic-surgery",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 5,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "If Big Tech depends heavily on OpenAI and Anthropic for revenue growth, that growth is unsustainable because both customers are massively unprofitable and may not survive.",
      "date": "2026-08-11",
      "url": "https://www.profgmedia.com/p/plastic-surgery",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/",
      "sidesUrl": "https://deepstack.ltd/sides/anthropic-grew-142-percent-openai/"
    },
    {
      "part": 8,
      "question": null,
      "side": "cash-has-to-triple",
      "sideLabel": "The cash has to triple",
      "claim": "OpenAI's combined annualized revenue with Anthropic reached $105 billion (OpenAI $40 billion, Anthropic $65 billion) in July 2026, which is nowhere near the figure needed to support the modeled 2027 buildout, and this understates the true gap since…",
      "date": "2026-09-21",
      "url": "https://hypertechinvest.com/p/the-math-behind-the-next-ai-rally",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "Hyperscalers including Google, Microsoft, Amazon, and Meta have spent over a trillion dollars in capital expenditure on GPUs, largely to capture revenue from OpenAI and Anthropic, which they themselves continue to fund, creating a closed loop where…",
      "date": "2026-09-09",
      "url": "https://realeismanplaybook.substack.com/p/inside-ais-fragile-ecosystem-with",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 9,
      "question": null,
      "side": "eighteen-months",
      "sideLabel": "Eighteen months, or less",
      "claim": "Having used Muse over the past week, the creator found problems in the quality and accuracy of its responses and found it hard to choose it over ChatGPT, and suspects others will feel the same way.",
      "date": "2026-09-22",
      "url": "https://taekim.substack.com/p/metas-muse-is-no-sure-thing",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": null,
      "side": "eighteen-months",
      "sideLabel": "Eighteen months, or less",
      "claim": "Despite Muse's initial traction, its long-term success is far from assured; Meta can cross-promote it across Facebook, Instagram, and WhatsApp, but competitors with similar distribution advantages are coming, with OpenAI likely being the biggest…",
      "date": "2026-09-22",
      "url": "https://taekim.substack.com/p/metas-muse-is-no-sure-thing",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": null,
      "side": "still-a-demo",
      "sideLabel": "Still a demo",
      "claim": "The creators argue OpenAI will prevail not because of best models, chips, cost-performance curve or even best product — though they think OpenAI has those — but because it is so good at creating new kinds of customers and has the most durable…",
      "date": "2026-09-28",
      "url": "https://www.a16z.news/p/openai-understands-something-important",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": "whose-margin-pays",
      "side": "inertia-businesses",
      "sideLabel": "The inertia businesses",
      "claim": "After personally using OpenAI's Dots, Meta's Muse and Instinct, the creator says he now has much higher confidence that personal AI agents will be the future of computing and a lift off for a new AI wave, praising how they proactively ping him…",
      "date": "2026-10-02",
      "url": "https://taekim.substack.com/p/openais-undeniable-resurgence-and",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 9,
      "question": "who-collects",
      "side": "owner-of-the-agent",
      "sideLabel": "The owner of the agent",
      "claim": "Muse is gaining traction: as of that Friday it ranked No. 1 in Apple's App Store ahead of ChatGPT at No. 2, Gemini at No. 8, and Claude at No. 13, and since its September 8 unveiling Meta has added nearly $170 billion in market cap and is up 9%…",
      "date": "2026-09-21",
      "url": "https://www.profgmedia.com/p/a-new-ai-app-beat-chatgpt-to-no-1",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/habit-was-the-moat/",
      "sidesUrl": "https://deepstack.ltd/sides/habit-was-the-moat/"
    },
    {
      "part": 10,
      "question": null,
      "side": "renting-at-january-prices",
      "sideLabel": "Still renting at January prices",
      "claim": "The creator believes that if OpenAI were public, its stock would have gapped up 30% or more on hitting $70 billion in ARR, a blowout versus expectations on the level of Nvidia in May 2023, and that the figure proves his August report that OpenAI's…",
      "date": "2026-10-02",
      "url": "https://taekim.substack.com/p/openais-undeniable-resurgence-and",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "not-the-customers-yet",
      "sideLabel": "Not the customers, yet",
      "claim": "There is an AI lab bubble, though not an AI bubble infecting the whole market, as shown by Nvidia's valuation having come down significantly; excessive excitement surrounds Anthropic and OpenAI because they are new and exciting even though they…",
      "date": "2026-10-05",
      "url": "https://www.profgmedia.com/p/americans-are-turning-on-ai-anthropic",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "everyone-soon",
      "sideLabel": "Everyone, soon",
      "claim": "OpenAI near $70B a year.",
      "date": null,
      "url": "https://taekim.substack.com/p/openais-undeniable-resurgence-and",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": "who-writes-the-checks",
      "side": "everyone-soon",
      "sideLabel": "Everyone, soon",
      "claim": "OpenAI's combined annualized revenue with Anthropic reached $105 billion (OpenAI $40 billion, Anthropic $65 billion) in July 2026, which is nowhere near the figure needed to support the modeled 2027 buildout, and this understates the true gap since…",
      "date": "2026-09-21",
      "url": "https://hypertechinvest.com/p/the-math-behind-the-next-ai-rally",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    }
  ],
  "coverage": {
    "creators": 147,
    "claims": 2047,
    "texts": 906,
    "asOf": "2026-10-08"
  },
  "lastUpdated": "2026-10-08",
  "market": null
}