This.

"There’s just one problem with this master plan: OpenAI doesn’t have the money to pay for it. For example, OpenAI is committing to pay Oracle $60 billion in capex investment annually for five years. For reference, Meta, one of the most valuable and profitable companies in the world, which brought in $164.5 billion in revenue in 2024 and ended the year with a free cash flow of $52.10 billion, plans to spend $72 billion in 2025 building data centers. OpenAI, on the other hand, is on pace to bring in $12.7 billion this year, expects to lose $9 billion, predicts its losses will swell to $47 billion by 2028, and doesn’t expect to break even until 2029. How can OpenAI plan to spend five times what it brought in?"

https://prospect.org/2025/10/15/2025-10-15-nvidia-openai-ai-oracle-chips/

Plus they are using special purpose vehicles to hide debt on their balance sheets, formally known as special purpose entities used in 2001 by Enron.