The exclusive Azure tether is gone and OpenAI is shopping for better margins
OpenAI burned 25 billion in cash in 2026 alone with no path to black
Inference costs hit 14 billion for the year as every query drains the bank
They are targeting a 1 trillion valuation on 26 billion revenue while losing 25 billion GAAP
Microsoft has built seven in-house models to hedge against its own 852 billion investment
Anthropic just hit a 965 billion valuation and is stealing developer share at 51 percent
A 35x forward revenue multiple is priced for a monopoly that refuses to materialize
Sam Altman owns zero equity in a company that just raised 122 billion in a liquidity grab
The Stargate project requires 500 billion in spend that the balance sheet cannot support
This is two giants waiting to see who blinks first in a game of mutual destruction
Not financial advice