Masayoshi Son is seeking as much as $100bn from Gulf investors for a fund that would buy companies and run them with AI, the FT reports. He raised nearly that much for the first Vision Fund in 2017. This time SoftBank already has almost $65bn in OpenAI.
OpenAI has told investors its annualised revenue was approaching $50bn at the end of September, about $20bn below the figure in circulation. The gap comes from how the number is counted rather than from lost sales, but it still knocked the stocks whose order books lean on OpenAI.
An internal OpenAI presentation projects negative free cash flow of that size through 2030. The number is only shocking until you put it beside the revenue line.
A small team used a newly released frontier model to reach OpenAI's internal code repository, proved it with a harmless pull request, and got paid a bug bounty. The price is the story.
OpenAI wanted to see what Apple gave Elon Musk's companies to get out of the case. The judge read it privately and said it had nothing to do with the claims that remain.
Investors are offering OpenAI a valuation above $1.2tn, four days after its chief executive said a public listing was unlikely before 2027.
The frontier labs are converging on a similar commercial shape: consumption pricing at the bottom, committed contracts at the top, and services in between.