OpenAI burned $3.7 billion in the first three months of 2026.

Documents disclosed to shareholders by OpenAI show that the company's cash consumption in the first quarter reached $3.7 billion, exceeding half of its $5.7 billion in revenue. Both the scale of cash consumption and revenue have doubled year-on-year, indicating that even with strong demand in the artificial intelligence market, profitability through AI business remains challenging. At the end of this quarter, the company held over $73 billion in cash and securities, compared to only $40 billion at the end of December last year, due to a massive financing completed by the company at the end of March. If the scale of cash consumption in the following quarters remains at the level of the first quarter, OpenAI may not need a new round of financing in the short term, potentially alleviating the pressure to rush an IPO. However, the amount of cash consumption may fluctuate each quarter. It has been reported that the company previously predicted a cash consumption of $25 billion this year and $57 billion next year.