[OpenAI's Pre-IPO Financial Structure Draws Attention: Asset-Light Balance Sheet May Face Scrutiny from Capital Markets] According to a report by The Information, as cited by Jinse Finance, OpenAI's unique financial structure may come under further examination by investors and the market during its IPO preparations. Based on publicly disclosed financial data, OpenAI exhibits the financial characteristics of a low-debt software company. As of March 31, 2026, the company's balance sheet shows zero debt, with lease liabilities under $750 million. Meanwhile, despite being one of the tech companies most reliant on hardware infrastructure today, OpenAI's cash flow statement reveals that its capital expenditures for the quarter were only about $46 million. This "asset-light" financial performance contrasts with OpenAI's actual business model. Analysts believe that if OpenAI intends to proceed with its IPO, investors may focus on evaluating the asset structure behind its financial statements and how the company plans to maintain capital efficiency while rapidly expanding its AI infrastructure.