OpenAI burned through about $3.7 billion in the first quarter of 2026, more than half of its $5.7 billion in revenue. Both figures tripled year over year, according to The Information, citing documents OpenAI shared with shareholders. Stock-based compensation alone topped $2.3 billion, more than double what it was a year ago. Gross margin did climb from 33 to 39 percent.

The operating loss hit $9.3 billion. The net loss came in at over $21.3 billion, though $12.4 billion of that was purely on paper from revaluing investor rights. OpenAI holds more than $73 billion in cash and securities, so it doesn't need fresh capital right now. But a price war with Anthropic and Chinese models could change that, and it's not a far-fetched scenario.

OpenAI has filed paperwork for an IPO but hasn't set a date. CEO Sam Altman says "there might be good reasons to be a private company," pointing to progress on self-improving AI. Another reason to hold off is Anthropic's upcoming IPO, fueled by its rapid gains in enterprise coding.

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