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OpenAI's $38.5B Loss, Pentagon Deployment & Nvidia's $85B Bond Frenzy
Audio is available on Spreaker — see link below.
OpenAI's leaked financials reveal a $38.5B net loss even as the company prepares a Pentagon ChatGPT launch for 3 million defense users. Nvidia's record $25B bond deal was oversubscribed by $85B — here's what it all means for the AI industry's next move.
Audio is available on Spreaker — see link below.
OpenAI lost thirty-eight point five billion dollars in 2025. That number is now public, and it reshapes everything around the company's IPO story.
The other major OpenAI development this week is a Pentagon contract, not a loss. ChatGPT is set to debut on GenAI.mil in early July, available to more than three million defense personnel certified for Impact Level Five unclassified work.
On the capital side, Nvidia issued twenty-five billion dollars in investment-grade bonds, its largest debt deal on record. The offer was oversubscribed by eighty-five billion dollars.
Meanwhile, a U.S. export restriction is producing an unintended consequence. After the suspension of Anthropic's Fable Five model for export, Chinese AI firm Zhipu released its GLM-5.2 open-source model and saw its market cap jump forty-eight percent.
Three things are worth tracking closely from here. OpenAI's operating loss trajectory as the IPO window approaches.
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