Financial statements reviewed for OpenAI's confidential S-1 filing with the SEC show that behind a strikingly light balance sheet with zero debt as of March 31, 2026, sits roughly $665 billion in off-balance-sheet, long-term purchase obligations. According to The Information (June 22, 2026), the reviewed statements list debt at $0, lease liabilities under $750 million, and first-quarter capital expenditure (capex) of just $46 million. On the surface it resembles the asset-light structure of a software firm, yet purchase commitments for chips, energy and data centers reach about $665 billion through 2030, accumulating as off-balance-sheet items not recorded on the balance sheet. Such a structure is flagged as a target for IPO scrutiny.
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