OpenAI tripled revenue to $5.7 billion in Q1 but burned through $3.7 billion to get there
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.
Subscribe now
Stay ahead of AI. Get the most important stories delivered to your inbox — no spam, no noise.
