OpenAI’s confidential draft IPO registration indicates the company carried zero debt on its balance sheet as of the end of March 2026, while holding large off-balance-sheet purchase commitments for chips, energy, and data centers totaling $665 billion, The Information reported.
According to ChainCatcher, the filing portrays OpenAI as “asset-light” on paper, with first-quarter capital expenditures of $46 million.
The document also shows OpenAI recorded an actual net loss of about $8.5 billion in the first quarter, with revenue costs totaling $3.5 billion.
The filing describes significant related-party cash flows. In the first quarter, 72% of OpenAI’s revenue costs and 45% of total spending went to related parties, expected to be primarily Microsoft. OpenAI also used $488 million in equity to settle part of its computing bills.
In consolidated financials tied to a data center joint venture, nearly $5 billion in book losses were attributed to external partners for accounting purposes.
The document further says competitor Anthropic is also expanding off-balance-sheet, including $4.5 billion in data center service commitments and $35 billion in chip leasing orders.
OpenAI IPO Filing Shows Zero On-Book Debt but $665 Billion in Off-Balance-Sheet Commitments
2026-06-23 10:16:24
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