Snapshot · This Week in Tech (Audio)
Independently verified financial documents obtained by Ed Zitron and the Financial Times show OpenAI lost $38.5 billion last year, though much of that reflects non-cash restructuring from nonprofit-to-for-profit conversion.
Where this was said
At 48:15 · chapter starts 46:10
Leo brings the data that reframes the entire Fable ban story: according to RAMP, Anthropic's share of paid AI business subscriptions rose 2.5 percentage points in May to 41%, beating OpenAI's flat 39.5% — and the timing suggests the ban itself was the catalyst. Owen observes dryly that 'every time they get banned, they get more customers.' Anthropic had long been the insider's choice for software engineers but lacked OpenAI's name recognition. The ban changed that instantly, turning Fable into forbidden fruit.
OpenAI's independently verified financials show a $38.5 billion loss last year. But most of it is non-cash — nonprofit-to-for-profit restructuring and stock compensation. The real question is whether the underlying business can ever generate enough revenue to justify a near-trillion-dollar valuation.
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