Audited IPO filings show OpenAI lost $38.5 billion on $13 billion revenue in 2025, a dramatic jump from its $5 billion loss in 2024. At its current burn rate and limited assets, the company could exhaust its cash and face bankruptcy as soon as late 2026 or early 2027 without massive new funding.

SpaceX agreed to buy AI coding startup Cursor for $60 billion in stock, marking a 3.4% dilution to its recent IPO valuation. The deal, set to close in Q3 pending regulatory approval, aims to boost SpaceX’s AI push against rivals like Anthropic and OpenAI despite Cursor’s recent market-share decline and undisclosed financial details.

SpaceX is gearing up for a public offering after private rounds valued it at about $137 billion. The IPO would open ownership to public investors and mark a major shift from its long-held private status.

OpenAI aimed to hit specific revenue and user growth targets this year but missed both as it rushes toward an IPO. The company’s slower-than-expected enterprise sales and more cautious consumer uptake forced it to revise financial projections downward. Investors are watching closely to see if OpenAI can regain momentum before going public.

Elon Musk’s lawsuit over OpenAI’s shift to a for-profit model kicks off in Oakland, with Musk, Sam Altman and Microsoft’s Satya Nadella set to testify. The case highlights internal clashes as OpenAI faces fierce AI competition and gears up for a potential $1 trillion IPO.

Banks and firms involved in SpaceX's IPO must buy subscriptions to Elon Musk’s Grok AI service. Some banks are reportedly spending tens of millions to integrate Grok into their systems. SpaceX recently filed its IPO paperwork amid ongoing legal issues related to Grok's AI technology.

OpenAI and Anthropic are approaching record IPOs but face enormous costs for AI model training. OpenAI expects a staggering $121 billion in computing expenses by 2028, leading to significant projected losses, while Anthropic anticipates similar challenges but on a smaller scale. Both companies are rapidly releasing new AI models, intensifying the competition and cost pressures.

OpenAI raised $122 billion in its latest funding round, marking the largest in Silicon Valley's history. The investment, which values the company at $852 billion, includes major contributions from Amazon, Nvidia, and SoftBank, and expands access for individual investors through ARK Invest's funds.

OpenAI has transitioned its for-profit subsidiary into a public-benefit corporation, allowing Microsoft to acquire a 27% stake and pushing its valuation above $4 trillion. This change aims to facilitate fundraising and talent acquisition while addressing concerns over OpenAI's commitment to its nonprofit mission amid ongoing litigation.