As OpenAI raised the multibillion-dollar funding round it closed earlier this month, it sent its financial projections to various interested parties. Last week, The Information published a good chunk of that presentation, illuminating the company’s balance sheet and future plans.

OpenAI’s finances are as weird as you might expect. It’s paying hundreds of millions to Microsoft before making a profit, it’s projecting many billions in losses in the coming years (far more than it’s raised), and it’s putting forth some wild economic ideas including removing training costs from profit calculations.

Here are four revealing truths from OpenAI’s financial presentation, with some analysis of what they mean for the company and the broader AI industry:

1.