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Comcast Splits, OpenAI Weighs IPO Delay, and Buttigieg Targeted
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OpenAI's IPO Delay and the Great Flippening
At 26:38 · chapter starts 23:10
Kara Swisher opens with the reported news that OpenAI is considering delaying its IPO until next year, noting Sam Altman is reportedly holding out for a $1 trillion valuation despite an $850 billion March valuation, leaked financials showing nearly 8x growth in losses and $34 billion in spending, and a tepid SpaceX IPO complicating the market backdrop. [1] — Kara Swisher "OpenAI losses up nearly 8x in 2025: Leaked OpenAI financials showed losses increasing nearly 8x in 2025, with spending hitting $34 billion." 23:40 Scott Galloway immediately reframes this as an individual company story, not a systemic one — coining 'the great flippening' to describe Anthropic's rapid displacement of OpenAI as the dominant AI platform. [2] — Scott Galloway "We've never seen Avis overtake Hertz this fast. This isn't even Pepsi overtaking Coke. It's like RC Cola one morning is the market leader." 24:57 He argues that CEOs are actively blaming OpenAI models and swapping to Anthropic expecting greater ROI, comparing the market-share flip to 'RC Cola one morning becoming the market leader.' The core IPO problem, Scott contends, is that a side-by-side S-1 comparison would expose two damning facts simultaneously: OpenAI has lost significant momentum to Anthropic, and it's spending cash 'promiscuously' relative to its rival, which projects breaking even by 2030. [3] — Scott Galloway "Anthropic projected to break even by 2030: Despite massive losses, Anthropic projects it will break even by 2030, contrasting with OpenAI's…" 26:55 He predicts the second half of 2026 will be defined by Sam Altman dramatically cutting CapEx commitments to clean up the books before any public offering, and that this pullback will ripple through Oracle, CoreWeave, and SoftBank. Kara and Scott also debate whether Anthropic should move fast while it's on top — Scott says Dario Amodei should race to the public markets immediately.
OpenAI was valued at $850 billion in March 2026, but Sam Altman is reportedly holding out for a $1 trillion valuation for the IPO.
Leaked OpenAI financials showed losses increasing nearly 8x in 2025, with spending hitting $34 billion.
Q4 2025, OpenAI was king. By mid-2026, Anthropic is the dominant enterprise AI platform. CEOs are blaming OpenAI's model and swapping it out for Anthropic expecting greater ROI. Scott Galloway calls this the 'great flippening' — and says it's the crack that signals a coming AI valuation reckoning.
Goldman and JPMorgan reportedly told Sam Altman the numbers aren't ready for public markets. OpenAI lost nearly 8x more in 2025, spent $34B, and is burning cash 'promiscuously' compared to Anthropic, which projects breaking even by 2030. The S-1 comparison would be brutal.
Despite massive losses, Anthropic projects it will break even by 2030, contrasting with OpenAI's open-ended trillion-dollar CapEx commitments.
