Despite being valued at $86 billion by private investors, OpenAI reported $44,485 in revenue in 2022, almost entirely from investment income. CNBC reports: That’s from the nonprofit parent’s 990 filing with the Internal Revenue Service, a form that has to be filled out by organizations wishing to maintain their tax-exempt status. Federal standards don’t require audited financial statements from nonprofits. In its home state of California, OpenAI was able to avoid submitting audited financials for 2022 because the foundation’s stated revenue was below the $2 million reporting threshold. The last time OpenAI filed with the state was 2017, when revenue was $33.2 million, or more than 700 times what the foundation reported for 2022.

For all its talk of openness, OpenAI’s financials remain a black box. Created as a nonprofit in 2015, OpenAI launched a so-called capped-profit entity in 2019, enabling it to raise billions of dollars in outside funding

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