How OpenAI uses complex and circular deals to fuel its multibillion-dollar rise

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https://www.theregister.com/2025/10/29/microsoft_earnings_q1...

Microsoft seemingly just revealed that OpenAI lost $11.5B last quarter

Real question -- how else is OpenAI supposed to fund itself? It has capital requirements that the most moneyed business companies can't provide. So it has to come up with ways to get access to money while de-risking the terms. Not saying the circularity works but I don't know how else you raise at their scale.

This money is well beyond VC capability.

Either this lets them build to net positive without dying from painful financing terms or they explode spectacularly. Their rate of adoption it seems to be the former.

If you can only continue to fund a venture using scam-like structures, then maybe it's time to re-evaluate what the goals and value prop of the unfundable venture is.