The three anchors are a cloud vendor, a chip vendor, and a holding company with a circular revenue deal. The actual VC-style capital is a fraction of the headline. OpenAI closed $122 billion at an $852 billion post-money valuation on March 31, 2026. But it’s not that simple. Most of it is not a direct … Continue reading OpenAI’s $122B “VC Round” Is Vendor Deals, Contingent Capital, and a Guaranteed Return It Arguably Can’t Afford