The last 6 weeks of OpenAI money moves, from the actual documents, because apparently nobody reads these things.
The chip guarantee (filed). NVIDIA 8-K, August 17. NVIDIA entered residual value guaranties with SB Energy on data center leases for about 4.25 gigawatts of IT load. Cap: $105 billion. The filing's words: "OpenAI is the tenant." If OpenAI defaults on rent, NVIDIA pays the landlord the shortfall.
Then the same filing: "OpenAI has agreed to reimburse and indemnify NVIDIA for any and all amounts actually paid by NVIDIA to the Lessor."
Read that slowly. The backstop for OpenAI failing to pay is OpenAI. The guaranty also terminates early if OpenAI achieves "a satisfactory credit rating," which tells you why it exists.
The retail exposure (filed). Destiny Tech100, DXYZ on the NYSE, ordinary retail money. Their prospectus filed August 28: "On August 13, 2026, we invested an additional $150.0 million in Goanna Capital 26E LLC (invested in OpenAI Group PBC Class A Common Stock)." That same Goanna operation has a Form D on EDGAR showing $80,766,121 sold to investors, first sale June 17.
We searched that DXYZ prospectus for "Hugging Face," "incident," "breach," "intrusion," "cybersecurity." Zero. Zero. Zero. Zero. Zero.
The buyback (reported, not filed). Around August 10, roughly $7 billion of employee shares tendered at the March valuation of $852 billion. Flat. No document exists, it's one Bloomberg story. A private company owes nobody a filing, which is exactly the point: the money only becomes visible where it touches a regulated wrapper.
Why the dates matter. Their eval environment took down its own infrastructure July 4. The July 21 public statement was a blog post. The full technical report, the one with the bad sentences in it, came August 26. Every transaction above landed in between. And on September 14 they answer a subpoena from the Alabama AG, served August 20, that freezes their blog post "as it existed on August 6" and asks whether this has happened before.
Not calling it anything. Our own verification layer declined to make a fraud finding and I'm not publishing a conclusion my own people wouldn't sign. I'm saying the innocent explanation requires every coincidence to run the same direction for 69 days, and one of the two doors on September 14 compounds.
Positions: none. Nobody at my company holds anything named here, long or short, standing internal rule, no trading before, during, or after. I do hold a $30 position on a regulated prediction market that pays if Sam Altman is replaced as CEO this year. I mention this because I find it funny.
Not advice. Obviously.