BREAKING
OpenAI's Debt-Free Books Hide $665B
0
M
Quarterly CapEx
0
M
Lease liabilities (under)
0
B
Off-balance commitments
How OpenAI Stays Asset-Light
1
Azure cloud since 2019
↓
2
AWS deal over $38B
↓
3
Partners bear CapEx
0
B
Q1 2026 revenue
0
B
Q1 cash burn
0
B
FY2025 net loss
Investors Are Divided
Skeptics
●
$665B off-balance obligations
●
Partners bear the CapEx
●
Disclosure may fall short
OpenAI
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$4B undrawn credit facility
●
Ample runway claimed
●
Spend reset to ~$600B
IPO Eyes $1T-Plus Valuation
AI NEWS BLITZ
OpenAI shows a debt-free balance sheet, but huge commitments sit off the books ahead of its IPO.