OpenAI burned through $3.7 billion in cash during the first quarter of 2026 (January–March) while booking $5.7 billion in revenue, according to a report by The Information. The cash burn exceeded half of the quarter's revenue, drawing fresh scrutiny to the financial health of a company widely reported to be preparing for an IPO. According to the report, the company posted an operating loss of $9.3 billion and a net loss of $21.3 billion for the quarter. Of the net loss, $12.4 billion stemmed from non-cash accounting charges, leaving an adjusted operating margin of -122%, an extraordinarily steep loss rate.
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