OpenAI CFO Sarah Friar on IPO, AI Rivalries, New Device, and Spending $100B+ on Compute

OpenAI's CFO, Sarah Friar. We gotta get right to it. You have just completed what I regard as the most successful fundraising realm in history. We're gonna raise actually north of a $120,000,000,000. We think AI is is the biggest era that we've seen to date. We're just starting to understand what it's gonna mean for global productivity and what that's, you know, hopefully more affluence, better lives for everyone. Luck is whatever the preparation meets opportunity, but you gotta grab it. Long time listener, first time caller. Quite exciting to get to hang out with all the bros here. Hello. We weren't sure how to start this off, but I thought the best thing was to allow our erstwhile cryptosaur to maybe Of course. Save comments. And I saw an article today. I think it might have been in the Wall Street Journal that the perception is that there's an advantage to IPO ing earlier if you're an AI company. So now we know SpaceX is going. And then the question is when's when are OpenAI and Anthropic gonna go? And I'm curious, how do you think about that? Do you think there is a little bit of a race on or, you know, you haven't made a decision about that yet? Like, in the end, an IPO I say this to the team all the time. It's a milestone. It is not a destination. Do not run your company as if that's some sort of destination. It's just another way to fundraise. We just did, you heard me, on the the the sizzle reel, raise a $122,000,000,000 in March, and that was to give ourselves maximum flexibility. I feel like my job as a CFO is create optionality for this not just this company, but just this era that we're living in. Was that that point in fundraising, is that the biggest private republic up until the SpaceX IPO? It is. It is by orders of magnitude. I think the largest IPO to date was the Rosario Ramco, which was about $30,000,000,000. Right. So it is actually incredible that you're gonna have potentially three IPOs at a scale that will be bigger even than 2001, 2000 that that time frame, there was a lot that went on in the market too. But the market has grown. And by the way, the other thing going on in the market is, like, if you look at buybacks, m and a, and so on, it's actually a lot of capital keeps being returned back to shareholders in cash, so there is a lot of money sitting on the sidelines. But in the spirit of, like, the question, David, I think in the end, you wanna you'll be measured. Right? It's the in the end, the market is a weighing machine, not a popularity machine. No one remembers who went first, Google or Yahoo, Lyft or Uber. And I say that not because whether I wanna be first or second, but I …