WSJ obtained confidential financials from both OpenAI and Anthropic ahead of their expected IPOs later this year. The core tension: revenue is exploding, but training costs are exploding faster. OpenAI projects $121 billion in compute spending by 2028, resulting in $85 billion in losses that year alone, even after nearly doubling revenue. Strip out training costs and both companies are near profitability now; add them back and OpenAI doesn't break even until the 2030s. Anthropic expects to get there sooner. Inference costs still eat over half of revenue at both labs, though that share is declining.

→ View original post on X — @kimmonismus, 2026-04-06 17:18 UTC