BREAKING: OpenAI is now the world’s most valuable private company, valued at 500 billion. This is 3.5 times higher than Spotify’s, SPOT, market value of 144 billion, and almost equal to Netflix’s, NFLX, at ~520 billion. OpenAI estimates its annual revenue would reach 13 billion in 2025, 3.5 times higher than in 2024. By comparison, Netflix’s and Spotify’s annual sales are set to reach 45 billion and 17 billion, respectively. Meanwhile, OpenAI’s estimated subscriber count is ~20 million, compared to Netflix’s ~300 million and Spotify’s ~276 million. OpenAI has a lot to prove.(The Kobeissi Letter)