$20b is December 2025 revenue multiplied by 12. Actual 2025 annual booked revenue is more in the order of $13b[0]. Also, those $122b raised are not cash-in-han

$20b is December 2025 revenue multiplied by 12. Actual 2025 annual booked revenue is more in the order of $13b[0]. Also, those $122b raised are not cash-in-hand. For example, NVIDIA commits to $30b, but OpenAI must build 5gw inference+training capacity using NVIDIA's Ruby Vera systems. NVIDIA's Huang has said[1] that in 1gw of compute, around $35b are NVIDIA hardware. So that $30b investment from NVIDIA goes back to NVIDIA as $175b in revenue. (Besides, NVIDIA gets non-voting shares in OpenAI.) Deals like these are one of the few ways OpenAI can sustain growing in capacity, but it comes at a huge premium. That's one of the reasons they need the IPO, to get access to cheaper money. [0]https://finance.yahoo.com/news/openai-is-the-2025-yahoo-finance-company-of-the-year-120054312.html https://finance.yahoo.com/news/openai-is-the-2025-yahoo-fina... [1]https://www.cnbc.com/2025/09/22/nvidia-openai-data-center.html https://www.cnbc.com/2025/09/22/nvidia-openai-data-center.ht...