OpenAI is reportedly close to raising up to $30B at a $1.25T pre-money valuation, with Coatue and UAE investors expected to lead. That price is about $150B lower than the $1.4T reported just last month. Anthropic may also beat OpenAI to an IPO. At the same time, fears about AI debt are pushing global credit spreads to a 17-month high. And SpaceX is in talks to access 80,000 US cell sites to launch Starlink Mobile as a fourth nationwide carrier. AT&T, Verizon, and T-Mobile all fell about 5% on the news. Also on the show: Microsoft’s Mustafa Suleyman says MAI-DxO outperforms doctors on hard cases METR and Redwood Research find flaws in OpenAI’s internal agent monitoring Kevin Weil launches Warp Science with $215M to automate wet labs Boom ships its first Superpower turbine core Canva unveils Craft, its in-house image model Arc browser shuts down December 22 Off Duty: Is there a future for AI video wrappers? Whop raises $205M at $5.1B in Doug Leone’s first deal since returning to Sequoia. And do normies realize how many startups are frauds?