OpenAI is losing significantly more money than Anthropic, is projected to lose $315B between 2026-2029, and its recent $122B funding round includes contingent capital (e.g., from Amazon, SoftBank) that isn't straightforward cash. The financial fundamentals are weak compared to its key rival, and the headline valuation/funding figures are misleading, creating overvaluation risk. Based on disclosed financial projections and the structure of its latest raise, OpenAI presents a higher-risk, less attractive profile relative to peers. OpenAI could achieve Artificial General Intelligence (AGI), triggering massive contingent funding and invalidating the financial comparison.