OpenAI Burns $3.7 Billion in Q1: Revenue Rises to $5.7 Billion, Cash Exceeds $73 Billion

According to monitoring by Dongcha Beating, OpenAI had a cash outflow of $3.7 billion in the first quarter of 2026, accounting for over 60% of its revenue of $5.7 billion for the quarter. Financial documents disclosed to shareholders indicate that both revenue and cash burn have tripled compared to the same period last year. Cash and cash equivalents at the end of the period increased from $40 billion at the end of December last year to over $73 billion. The financial statements show a net loss of over $21.3 billion for the quarter, but the loss was primarily influenced by a non-cash accounting adjustment amounting to nearly $12.4 billion (mainly related to the fair value changes of convertible equity and warrant liabilities). Excluding accounting impacts, the operating loss for the quarter was $9.3 billion, which included $2.3 billion in employee equity incentive expenses. Research and development expenses during the same period amounted to $8.6 billion. In terms of revenue costs, the expenditure for model services in the first quarter was $3.5 billion, with the gross margin rising from 33% in the same period last year to 39%. However, a larger hidden expense lies in computing power agreements. The disclosures for the first quarter indicate that cloud computing procurement commitments could reach as high as $66.5 billion by the end of 2025, with procurement contracts extending until 2030. Last week, OpenAI secretly submitted its application for an IPO.