OpenAI burned $3.7 billion in Q1: revenue increased to $5.7 billion, cash on hand exceeded $73 billion According to Beating monitoring, OpenAI had a cash outflow of $3.7 billion in the first quarter of 2026, accounting for over 60% of its revenue of $5.7 billion for that quarter. According to financial documents disclosed to shareholders, the revenue and burn amount in the first quarter have both tripled compared to the same period last year. The year-end holdings of cash and securities increased from $40 billion at the end of December last year to over $73 billion. The financial statements show a net loss of over 21.3 billion US dollars in the first quarter, but the loss was mainly affected by a non cash accounting change equivalent to nearly 12.4 billion US dollars (mainly related to fair value changes in convertible equity and warrant liabilities). After excluding the impact of accounting, the operating loss for the first quarter was $9.3 billion, including $2.3 billion in employee equity incentive expenses. The research and development expenses for the same period were 8.6 billion US dollars. In terms of revenue and cost, the first quarter expenditure mainly used to provide model services was $3.5 billion, and the gross profit margin increased from 33% in the same period last year to 39%. However, the greater implicit cost lies in the computing power agreement. The first quarter disclosure shows that as of the end of 2025, the cloud computing power procurement commitment is as high as $665 billion, and the procurement contract will continue until 2030. Last week, OpenAI secretly submitted a listing application. [Original link]