OpenAI Shows Zero Debt but $46M Quarterly Capex as IPO Nears, Q1 2026

According to The Information, OpenAI's financial structure ahead of its IPO filing is drawing investor scrutiny. As of March 31, 2026, the company's balance sheet showed zero debt and lease liabilities under $750 million, presenting a low-leverage profile typical of software companies. However, OpenAI's capital expenditures in the quarter totaled approximately $46 million, creating a notable gap between its light-asset financial presentation and the reality of operating one of the most hardware-intensive AI infrastructure platforms.
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