“So, how do you make your money?” “I lie”.
BUUUUULLLLSHIT. He just doesn’t want to answer honestly to shareholders. The product is a scammy money pit propped up by tissue paper and the confoolery of our liar and chief.
Is this a concession of defeat to spaceX
Probably not in AI itself but SpaceX has starlink which I believe is actually profitable
I hope they go right under a rock and stay there.
thiel will be very disappointed his apostate.
Good news for retail investors.
And tons of retirement funds, not just in the US. Before I took manual control of mine, about 30% was US stock indexes.
Don’t worry, it’s DEFINITELY not because they would need to disclose their finances to investors. Just keep pouring money in and everything will turn out fine!
No one will ever go to prison, so the scam works. Extract as much money as they can while destroying the world.
Anyone who has gone through an IPO knows how fucking rigorous all of the audits and reporting are for investors. Guaranteed 1000% that they failed the audit, or worse they didn’t even get to the audit stage, or as you said their finances they know are shit. It is zero surprise to me that they’re waiting.
Where was this rigorous audit for SpaceX?
Its result was and is aggregated by some freaks here
Their own numbers are documented here:
https://ir.spacex.com/investors/default.aspx
Including all their bullshit Musk-AI spendings. I have no idea why anyone thought this to be a good investment or a good company - they did do that audit and published the results, people still flocked (…) to it
I mean I hate Musk as much as the next Musk hater, but I can understand why SpaceX IPO’d and why OpenAI would hide their audit and finances.
SpaceX literally made self-landing rockets. They’re not a Tesla or a Boring Company bullshit scam. They did something that was amazing, and still is, and opened the door to much cheaper launches into orbit, meaning they can get so many government contracts for anything they need to do in space.
It is WAY cheaper to put stuff in orbit now thanks to SpaceX. That’s why they also went for low earth orbit internet and did starlink. Their own tech made starlink possible. Now I’d never use starlink because fuck Musk, but this is a direct result of SpaceX doing groundbreaking work.
Literally everything Musk does rides on the popularity of SpaceX actually making a massive achievement in rocketry. Tesla fucking sucks and doesn’t even make the best self driving electric vehicles. The Boring company was a failure and/or scam. Starlink is a fucked up attempt to get everyone’s data… Which would be a cooler idea if it weren’t related to Musk but I need to have a tiny bit of trust in my ISP, sorry.
Only SpaceX ever did something cool, and it was legitimately really cool, and the result of good engineers doing work that Musk took the credit for.
But the way I understand is SpaceX wasn’t going into the IPO as a rocket company, they were going as an AI company. Their value was absurdly inflated because it was not based on their current space launch business or even on Starlink, but on possible future revenue (datacenters in space, you see) from the AI side of the company, which came from the xAI merge just earlier this year. Even if the company itself is solid, their stocks were still a scam.
Oh SpaceX core business including their numbers are amazing, I agree! But they also disclosed the whole AI stuff, including the madness of “inference in space” - the physics is then only one search away. … PayPal was really cool and solved problems as well - and so did Tesla!
I think Musk is like a reverse Midas, eversthing he touches becomes shit for everyone else :/
SpaceX was by far the biggest exciting development in the last years for me … There’s still hope I’ll be wrong though - hoping for it!
Maybe he’ll die and a member of his army of children will be a better leader
Plus it’s Musk’s branding. Unfortunately people still buy into that guys brand. OpenAI doesn’t really have that kind of moat. just look at Samsung and Sk Hynix. Open AI and anthropic would have similar, if not worse fate
It’s a good point. He might have ruined his “brand” in some ways, but he always kept some people believing he’s some sort of super genius, the kind of people that think intelligence is directly proportional to your net worth.
He does some super cringe shit trying to pretend he’s a genius online and most don’t fall for it, but as long as some wealthy people do, he’ll continue to have his brand.
Also his stocks have made some people rich, are usually way overvalued, so even people that hate the fuck usually know not to bet against his stocks. He is pretty good at blatantly manipulating the fuck out of the market no matter what the news cycle is, and he never suffers consequences.
SpaceX is just the first time anyone commercialized NASA tech. But now a half a dozen countries and companies abroad are doing the same thing. SpaceX also failed on some big projects.
The falcon 9 absolutely did cut the balls off of cost to orbit. Once they cleared the backlog of launches that had built up due to the cost and slow turnaround they had nothing to launch. Starlink is their main customer and without them the Falcon 9 architecture doesn’t have the cadence required to be profitable. Starship is the new solution in need of a problem, so what’s the problem? Data centers in space! I think they’re right up against the rocket equation with starship and they’re counting on trimming the fat to make it work. We’ll see which dies first, physics or finances.
Interesting. Why haven’t new space customers turned up now that launches are far cheaper?
I don’t know. Maybe because the main use of space is research and the military and there’s only so much of either?
Because satellites are expensive.
Financial Times reported that Anthropic is telling investors “gross margins are above 80% before it shares with distribution partners and before the cost of training models.”
This is like saying, “I got $500 at the casino, but don’t ask me how much I spent on the slot machines”. All the AI corpos are in the same boat, so this “fear of danger” is likely a smokescreen for, “we’re hemorrhaging cash”.
That company is fucked.
Their business burns a gallon of gas per homework assignment cheated and Anthropic does it better while China does it cheaper.
Indeed. Next year several billion dollar loans of theirs comes due, with more and larger ones the following year and so on.
“AI” 🙄
Reminder: none of the AI industry is remotely based in reality.
https://www.wheresyoured.at/ai-is-already-in-dangerous-hands/
Hahaha, AI hype has already reached and past its peak, the best time to do an ipo for them is today, second best time would be tomorrow.
Sure it might be here to stay, but the gold rush FOMO phase is over.
Just another scam, move along
It’s got nothing to do with safety, he doesn’t have the numbers to go public and is trying to mask that.
What kind of numbers do they need?
https://www.wheresyoured.at/ He’s laid out what they need in painstaking detail.
Revenue growth that suggests a path to profitability would be a start.
That’s never stopped Elon from getting billions from
suckersinvestors.
For the evaluation OpenAI and its investors would target, they would need pretty great ones. But another thing is that they’d also need to look good relative to anthropic, who is also looking at an IPO.
Not sure if their plan for it has changed,but OpenAI would always be measured against them. And my understanding is that anthropic is said to have better financials while having raised less investment money so far.
There is only so much liquidity for IPOs and SpaceX already vacuumed up a lot. If both openai and and anthropic would IPO as an option for investors to buy into a pure play, I assume everyone would compare the two and go for the perceived winner (or want a good discount for the second best)
This is what we get for Musk keeping Trump balls warm. Probably the same reason we see Tesla back with the majority of US EV sales. Fuckin racket. If the spacex and grok deal wasnt a thing the other players might have a chance to have some skin in the IPO game. Yes, yes, why sympathize for these corporate monsters, I heard you already. Just raving about politics.
Big, I think.
My $0.02 is that Dario genuinely believes* this, Sam doesn’t, but it’s convenient for OpenAI to hitch its wagon to Anthropic’s call for regulation because their financials are a mess.
- just because his belief is genuine doesn’t mean it’s reasonable. I find the whole thing kind of laughable actually.
There’s no way Dario really believes this. He knows “AI safety” is the only way to keep the hype train going; otherwise the bubble pops immediately.
Ya, these are the people who absolutely gave zero fucking shits about safety up until the point they realized they couldn’t hand off the bag to the public.
I hear a lot about AI safety. What, precisely, is unsafe about AI that is unique to AI?
shareholders losing value when another country they did not invest in taking over. you know that “market and invisible hand”
I almost believe it’s related. It sounds like the left are up in arms over AI not because of safety but because of money. If they would be more specific about safety, maybe people would listen.
safety is a red herring. capitalism is always going to eschew safety in the name of profit, no matter the industry. there is no difference here with ai. just assume the corps to be unsafe with it.
the problem is actually that the corps want the world to “slow down” so they can catch up; “for safety” is just marketing.
From a technical point of view? It’s just software. If you give a software with semi-random outputs access to control external tools, it will do semi-random stuff and could cause harm. And since the people that loves these little runner also likes to run hundreds of them concurrently, with the ability to spawn more, they can cause harm real fast with no oversight.
If you don’t give them uncontrolled access to anything though? Not much harm in that. But it’s harder to sell the “this is the future of everything” if you put pesky things like checks and limited capabilities for the sake of safety.
So, nothing unique to AI, except the scale of it.
More likely its because they need more time to cook their books.
I think no one wants to hold the bag.
If they cook any longer, it’s going to look worse than the venison bones I forgot I was roasting for stock that one time.
On the plus side, the whole kitchen enjoyed playing predator with the burnt to fuck spine.
He is suggesting we slow everything down until he works out how the Chinese are Chinesing.
