Funding & Business

Nvidia has guaranteed up to $105 billion of OpenAI data center leases in Ohio. The filing shows a residual value backstop on 4.25 gigawatts, not a loan, and OpenAI has agreed to indemnify Nvidia for anything it pays.

OpenAI CFO Sarah Friar told investors enterprise revenue has overtaken consumer at a $40bn annualised run rate, in a week that took the revenue chief and an eight-year veteran of the company.

Four rounds, no model companies. All of them selling the scaffolding agents need before an enterprise will run them.

Annualised run rate is one good month multiplied by twelve. That distinction matters most when growth is this fast.

An effect concentrated in one part of the workforce can be invisible in a national average and severe for the people inside it.

A $190B valuation is the price of a 2.6% slice extrapolated across everything that did not trade. Run-rate, preferences and compute commitments are all invisible in it.

Five business models with wildly different economics. Selling compute works, selling implementation works, and selling tokens is squeezed from both sides.

Silicon, infrastructure, models and applications have completely different economics. Margin concentrates where substitution is hardest, which is not where the attention is.

The published figure is the final run. It leaves out failed runs, research compute, data licensing, annotation and salaries, which together usually cost more.

It started as a chip shortage. It is now power, permitting and financing, which is why a chip vendor ended up guaranteeing the resale value of its own hardware.

Six private capital giants signed non-binding MOUs. Nvidia backs the collateral value itself, against hardware it controls the obsolescence of.

Coatue led the round. Run-rate revenue passed $7B with 80%+ growth. But the multiple expanded faster than the business.