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All-In with Chamath, Jason, Sacks & Friedberg

OpenAI CFO Sarah Friar: IPO, AI Rivalries, New Device, and Spending $100B+ on Compute

All-In with Chamath, Jason, Sacks & Friedberg

All-In Podcast, LLC

Business, Entrepreneurship, Technology

4.0 • 10.4K Ratings

🗓️ 2 June 2026

⏱️ 32 minutes

🧾️ Download transcript

Summary

(0:00) OpenAI CFO Sarah Friar joins the show!

(0:31) How OpenAI thinks about its IPO timeline

(3:31) OpenAI, Anthropic, Google: The AI arms race

(7:43) Navigating the compute crunch and AI bottlenecks, device preview!

(15:53) OpenAI's economics

(26:08) Push into chips, the cloud

(29:32) OpenAI's ad business and strategy

Thanks to our partners for making this possible!

EY - Agentic AI is introducing a new investment discipline. As AI shifts to consumption-based models, EY connects spend to enterprise value.

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NYSE - Thank you to our partner, the New York Stock Exchange - a modern marketplace and exchange for building the future. It all happens at the NYSE.

https://www.nyse.com

Plaud - Never miss a moment. Plaud, our official wearable AI note-taking partner at All-In Liquidity Summit, captured every insight.

https://www.plaud.ai

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Transcript

Click on a timestamp to play from that location

0:00.0

Open AI's CFO, Sarah Fryer.

0:02.0

We've got to get right to it.

0:04.0

You have just completed what I regard as the most successful fundraising round in history.

0:09.0

We're going to raise actually north of $120 billion.

0:13.0

We think AI is the biggest era that we've seen today.

0:17.0

We're just starting to understand what it's going to mean for global productivity.

0:25.1

And with that, you know, hopefully more affluence, better lives for everyone.

0:29.3

Luck is whatever the preparation meets opportunity, but you got to grab it.

0:40.6

Long time listener, first time caller, quite exciting to get to hang out with all the bros here. Hello. We weren't sure how to start this off, but I thought the best thing was to allow our erstwhile Cryptozar to maybe save

0:46.6

comments. I saw an article today. I think it might have been in the Wall Street Journal that

0:50.7

the perception is that there's an advantage to IPOing earlier if you're an AI company.

0:58.0

So now we know SpaceX is going.

1:00.1

And then the question is, when are OpenAI and Anthropic going to go?

1:05.4

And I'm curious, how do you think about that?

1:07.9

Do you think there is a little bit of a race on?

1:10.2

Or, you know, you haven't made a decision about that yet?

1:12.6

Like, in the end, an IPO, I say this to the team all the time.

1:16.4

It's a milestone.

1:17.8

It is not a destination.

1:19.5

Do not run your company as if that's some sort of destination.

1:22.7

It's just another way to fundraise.

1:24.9

We just did, you heard me on the sizzle reel, raise $122 billion in March,

...

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