In October, OpenAI secured a 4 billion dollar revolving credit facility from J.P. Morgan and several other banks. I was surprised when I heard this because OpenAI is a young company with no earnings. Shouldn't all their capital come from investors? Let's run some numbers.From first principlesLet's do an Expected Value (EV) calculation, first from the perspective of an investor and then from the perspective of a lender. We'll pick some arbitrary parameters first, then refine.Putting our inves...