OpenAI raised $122 billion in its latest funding round—the largest private fundraise ever—but CFO Sarah Friar says IPO timing isn't a race. She unpacks OpenAI's multi-layered strategy spanning consumer (ChatGPT's 900M weekly users), enterprise, and upcoming hardware; reveals the compute crunch intensifying through 2027; and explains how advertising, not just API pricing, will fund global AI access. The company is investing $50 billion per gigawatt of data center capacity and betting heavily on domestic infrastructure—including a Michigan facility with 2,500 union jobs. OpenAI uses a diversified compute strategy across multiple cloud providers and chip manufacturers (NVIDIA, AMD, Cerebras, proprietary) to reduce dependence on single suppliers and maintain optionality rather than pursuing pure CapEx ownership.