Ed Zitron warns OpenAI and Anthropic should not IPO

Tech critic Ed Zitron says OpenAI and Anthropic should not even be allowed to go public.
His argument is that the financials behind leading generative AI companies look far weaker than the market narrative suggests.
He compared the situation to WeWork, the former $47B startup whose IPO collapsed before the company later filed for bankruptcy.
Zitron claims OpenAI burned $20.9B in 2025 while costs continued rising alongside revenue.
His warning is blunt: if the cost of delivering the product scales too closely with usage, the business model may not have the leverage investors expect.
That is the core bear case on generative AI.
The technology may be real, but the economics still have to prove they can work at public-market scale.