> costs of 70B (2025 costs (2026 revenue / 2025 revenue)), even those 25B in cash reserves won't mean much*

If all those costs are cash costs, sure. When OpenAI gets non-cash investment, and it "burns" that investment on compute, that should be counted as a GAAP expense. Yet it doesn't touch cash. (It would destroy a unit of compute asset. But again, book versus market value can mess with how that works intuitively.)

Similarly, if you're granting lots and lots of options they're going to generate lots and lots of compensation expenses (and thus losses) as they vest. These aren't cash expenses, however.