Find XO: The Signal OpenAI IPO Sends to AI Founders, A Market Map You Should Read Now (ft.com)

- Financial Times reported that OpenAI has begun drafting its S-1 with a target to go public as early as September. - This is the first big step since its transition from a nonprofit to a for-profit entity. - It's easy to expect that the IPO hype will flood money into the entire AI industry, but reality might be somewhat different. - Investment funds are more likely to go first to companies that clearly demonstrate revenue paths above OpenAI rather than those competing directly with OpenAI.