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Title: OpenAI on verge of bankruptcy
Source: [None]
URL Source: https://www.dexerto.com/tech/openai ... lion-in-losses-report-2839622/
Published: Jul 30, 2024
Author: Horse
Post Date: 2024-07-30 06:48:05 by Horse
Keywords: None
Views: 38

OpenAI could lose as much as $5 billion in 2024, putting the startup at risk of bankruptcy within 12 months, according to a report.

The Sam Altman-led company is spending more cash than it should and that could force it to bankruptcy if it doesn’t get more funding within 12 months, reported The Information.

OpenAI is on track to spend about $7 billion on AI training and another $1.5 billion on staffing, claims the report, citing undisclosed financial data and insiders. This spending is way higher than competitors like Amazon-backed Anthropic, which expects a 2024 burn rate of $2.7 billion.

These expenses could force the company to close on yet another financing round within 12 months to stay afloat, said the report.

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