OpenAI appears to be losing money out the wazoo.

An analysis by The Register of the latest earnings report from its key partner Microsoft, released Wednesday, suggests that the ChatGPT maker lost $11.5 billion last quarter — a figure that epitomizes the dizzying spending driving the AI industry.

Those losses come as OpenAI completed restructuring its for-profit arm, which is still nominally controlled by a non-profit, into a public benefit corporation last week, a move that allows it to raise and make money more like a typical for-profit company.

It will also allow OpenAI to list itself on the stock market, and reporting from Reuters suggests that it’s already preparing an initial public offering that would value the company at $1 trillion — double its current worth — suggesting that’s

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