The Harness Is the Business: Inside the OpenAI and Anthropic IPO Bet

OpenAI filed to go public, and the headline question is whether the company is worth a trillion dollars. What kind of business the market is trying to value?

In this executive briefing, I break down the four stories inside OpenAI's valuation: software, utility, infrastructure, and deployment. The episode explores why compute costs matter, how revenue quality changes the multiple, and why the hardest part of the AI market may be installing intelligence inside real organizations.

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