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Structural analysis of OpenAI’s operating economics: the quality-of-cash ratio at about five cents per dollar, the $122B Series 7 round, the RPO chain connecting Oracle, NVIDIA, and SoftBank to the listing, and the timing question behind the commitments. Grounded in audited financials and primary filings.
Cape Fear Advisors has published four pieces analyzing OpenAI’s capital structure and operating economics, beginning with the synthesis and advancing through the quality-of-cash ledger, the round before the listing, and the Oracle filing that disclosed what OpenAI had not. The work reads across OpenAI’s audited financials, Oracle’s 10-K, and the counterparty filings that reconstruct the commitment chain.
OpenAI: The Quality of Cash Ledger
OpenAI, the Round Before the Listing
Oracle Just Said a Lot About OpenAI
OpenAI, Adding It Up
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