OpenAI is preparing to sell shares to the public at a valuation above $1 trillion. For every dollar the company earns, it loses $1.22. Its gross margin is falling, not rising, as revenue grows. HSBC estimates it needs another $207 billion in capital by 2030.
OpenAI (per pre-S-1 reporting, confidential filing June 2026). Recorded 18 August 2026. Our ruling means: literally true, materially misleading.
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