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OpenAI reportedly raises an additional $11 billion at a $1.25 trillion valuation
OpenAI's post-money valuation just doubled the most optimistic 2023 estimates. This is the market's bet that frontier models become indispensable infrastructure, not a commodity. For builders and investors: the capital concentration in three labs is now structural. You need either an order-of-magnitude advantage in a specific domain or a different moat entirely.