[OpenAI's CFO just announced](https://www.cnbc.com/2026/08/19/open-ai-ipo-timing-2027-friar.html) a 2027 IPO or sooner. Here's the forensic angle nobody's discussing: MSFT has been subsidizing OpenAI's capex through Azure cloud commitments while front-loading revenue recognition on "partnership value" that doesn't yet translate to actual paying customers at scale.

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