The case for OpenAI can continue to be justified to mega investors if it maintains extremely strong user growth, demonstrates customer retention, and remains a viable contender for developing genuinely world-changing super intelligence.

OpenAI's operational performance and funding prospects are far worse than they want people to believe.

OpenAI is burning billions of dollars every month on top of trillions of dollars in future spending commitments with no clear answer for how it's going to get that money.

The OpenAI can show investors that a large group of people are willing to pay a recurring subscription fee for their services, it is a good indication that there may be a path to profitability in the future.

OpenAI is currently losing a lot of money for every customer they serve, even those in the top subscription tiers.

For the past two years, OpenAI has been able to command an investment premium in part because it was the first thing that people thought of when it came to large language models.