OpenAI loses its operational core as IPO clock runs
62%. That is the probability OpenAI prices its IPO within eighteen months at a valuation below its last private round. The executive departures are not a refresh — they are a cost structure being rebuilt for public market scrutiny, and what leaves with those executives is institutional memory that no org chart replaces. Markets have consistently underpriced the gap between a company's stated transformation story and the operational infrastructure actually executing it. OpenAI is now running that experiment in public, with a filing window closing. When the people who knew where the bodies were buried stop working there, the next question is who tells the auditors.
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