OpenAI's 2026 GAAP loss runs ~80% above the headline. Does the $1T IPO valuation absorb it?

OpenAI's projected 2026 losses look very different once stock-based compensation is included. The widely cited $14B figure excludes SBC. Add the $7B to $10B in equity comp and the median 2026 GAAP net loss lands closer to $25B to $26B, roughly 80% higher than the non-GAAP number. That significantly changes their runway math. At $14B annual burn the current $122B in available capital covers ~8 to 9 years. At $25B losses, it covers about 5. The path to profitability then requires moving from a -12