Dresser, Simo and Lightcap are all gone within about a month of each other, with an IPO prospectus already filed confidentially and no offering date attached.
Perspective Coverage
3 publishers
- Builder
- Builder 15%
- Operator
- Operator 38%
- Investor
- Investor 47%
Reality
- Evidence64
- Adoption58
- Hype gap+20
- Incentives72
- Confidence63
Cellular Intelligence has added Bob Langer and Yann LeCun to its scientific advisory board. The $62m to $70m it has raised now has to take STEM-PD, the cell therapy Novo Nordisk dropped, through Phase 2.
Reality
- Evidence45
- Adoption15
- Hype gap+40
- Incentives65
- Confidence55
Snowflake's multi-year agreement with OpenAI, announced February 2, puts GPT-5.2 inside Cortex AI for 12,600 existing customers on all three major clouds. The companies did not say which side pays the $200 million.
Publishers:snowflake.com
Reality
- Evidence45
- Adoption25
- Hype gap+35
- Incentives88
- Confidence55
Nscale added OpenAI's Fidji Simo to a board that already seats Sheryl Sandberg and Nick Clegg while it raises up to $3.5bn ahead of a September IPO, about $2bn of that coming from its GPU supplier Nvidia.
Reality
- Evidence22
- Adoption45
- Hype gap+30
- Incentives78
- Confidence30
Audited figures confirmed by the FT put $19bn of research and nearly $6bn of sales against $13bn of revenue. The $41.55bn charge offered to explain the year's loss is larger than the loss it explains, which is where the pricing argument now sits.
Reality
- Evidence56
- Adoption74
- Hype gap+22
- Incentives78
- Confidence54
Fourteen executives gone in 2026, a listing pushed to 2027, and a Stargate bill averaging $125 billion a year. The headcount is noise. The seats are the story.
Reality
- Evidence32
- Adoption66
- Hype gap+31
- Incentives61
- Confidence38
Two go-to-market leaders gone in a week, five C-suite changes in a year, and an incoming revenue chief whose method is to re-score every open deal.
Reality
- Evidence46
- Adoption31
- Hype gap+28
- Incentives66
- Confidence52
OpenAI's president has absorbed product strategy and the whole scaling arm while his title stayed the same. Altman is still CEO; the operating decisions are no longer his.
Reality
- Evidence42
- Adoption
- Insufficient
- Hype gap+28
- Incentives55
- Confidence46
Sarah Friar told staff an IPO is a milestone, not a finish line, in the same week OpenAI said it slowed scaling and the WSJ reported 18% quarterly revenue growth. Capital is the constraint being managed.
Reality
- Evidence54
- Adoption61
- Hype gap+27
- Incentives79
- Confidence58
Gemini 3.5 Pro is two months past its promised June date with no explanation, Jeff Dean has left after 27 years, and OpenAI's valuation held flat at $852bn through a $7bn buyback.
Reality
- Evidence38
- Adoption34
- Hype gap+32
- Incentives55
- Confidence36