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The Wall Street Journal just got access to the private financial documents of OpenAI and Anthropic right before they go public.

What's inside will change how you see the entire AI boom.

OpenAI is projected to burn through $665 billion in cash before it ever turns a real profit between now and 2030.

At its worst point, OpenAI will lose roughly $170 billion in a single year and that's more than the GDP of most countries.

The most valuable private company in American history, currently valued at $852 billion, structurally designed to lose money at a scale the world has never seen.

Model training costs alone are headed toward $440 billion by the end of the decade.

Every time they build a smarter AI, the bill gets bigger and the cost curve is not slowing down.

Anthropic is doing the same thing at a smaller scale, it's training costs will exceed $100 billion before 2030.

It already pushed its break-even date back once and there is no guarantee it does not move again.

Here is the part that matters most., OpenAI's gross margins fell from 40% to 33% in one year.

Normal software companies run at 75 to 80 percent margins but the AI infrastructure runs closer to a utility or a railroad.

The economics are completely different from what Wall Street is used to pricing.

But the revenue is real and explosive.

OpenAI hit $13.1 billion in 2025, ahead of its own forecast. It projects $62 billion by 2027 while Anthropic projects $55 billion next year alone.

The growth numbers are genuinely historic.

But costs are growing faster than revenue right now and both companies are about to ask everyday investors to fund the gap.

OpenAI is targeting an IPO before the end of 2026 while Anthropic is racing to beat them to it.

The entire bet comes down to one assumption, that by 2030, inference costs collapse, margins flip, and the money machine finally turns on.

Who is likely to win this race?