If Not Now, Then When Will These AI Companies Go Public?

AI-financing cracks — OpenAI's revenue confusion and Nscale's pulled IPO — are emerging as early warning signs amid ~$100bn in new AI-buildout debt.

• OpenAI revenue confusion: FT reported OpenAI's annualized run-rate is $20bn below prior signals ($50bn vs $70bn guidance), triggering an AI-stock selloff; Oracle (-hit hardest, +5% Fri rebound) and CoreWeave (+1%) diverged.
• NeoCloud IPO pulled: Nscale, an NVIDIA-backed NeoCloud, pulled its IPO despite record market highs; hosts call this "a canary in the coal mine" for AI-financing froth.

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