December 4, 2025
Whitmore Capital Partners
OpenAI Investment Memo
Pre-IPO Analysis – IC Review
RECOMMENDATION: HOLD/PASS at $157B
"Extraordinary execution with existential vulnerabilities — valuation assumes perfection in an increasingly commoditized market."
Current ARR
$3.7B
Q4 2025
Valuation
$157B
42x Revenue
Risk Level
HIGH
Commoditization