HSBC: OpenAI Must Grow $13B Revenue to $200B+ and Raise Another $200B by 2030 Just to Stay Afloat

An HSBC analysis published in the Financial Times projects OpenAI must grow revenue from its current roughly $13 billion to over $200 billion annually and raise an additional $200 billion in new capital just to remain financially viable by 2030. The bank ties the structural funding gap to OpenAI's data center commitments — estimated at $620 billion by decade's end — warning that even its historically fast revenue growth leaves a capital hole close to the scale of its projected revenue. The analysis lands as OpenAI's 2025 audited financials showing $34 billion in spending and its IPO filing intensify scrutiny of its path to profitability.