AI商业模式要翻车？知名博主深扒OpenAI“财务黑洞”：烧钱速度是公开数据的三倍，收入被夸大且无法覆盖成本！

Core Viewpoint - The financial health of OpenAI is under severe scrutiny due to claims of inflated revenue and significantly underestimated operational costs, raising questions about the sustainability of its business model and the entire generative AI industry [1][2][11]. Group 1: Financial Discrepancies - Ed Zitron's disclosures indicate that OpenAI's operational costs, particularly for model inference, may be three times higher than publicly reported figures, with inference costs exceeding $12.4 billion from Q1 2024 to Q3 2025 [5][6]. - In the first nine months of 2025, OpenAI's inference costs reached $8.67 billion, while previous reports suggested a much lower figure of $2.5 billion for the same period [5][6]. - The revenue generated by OpenAI is significantly lower than reported, with estimates suggesting a minimum revenue of $2.473 billion for 2024, compared to media predictions of $3.7 to $4 billion [7][10]. Group 2: Revenue Sharing and Complexity - OpenAI pays Microsoft a 20% revenue share, complicating the financial relationship and making it difficult to accurately assess OpenAI's total revenue [9][10]. - The dual revenue-sharing agreements between OpenAI and Microsoft further obscure the financial picture, as both companies share revenue from various services, leading to potential underestimations of OpenAI's income [9][10]. Group 3: Industry Implications - If Zitron's data is accurate, it raises alarms about the viability of OpenAI's business model, suggesting that it may take until 2033 for OpenAI's minimum projected revenue to cover inference costs, even before accounting for Microsoft's share [11][12]. - The findings prompt concerns about the financial stability of other generative AI companies, as they may face similar challenges in achieving profitability under current operational and pricing structures [12].