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1074 OpenAI’s Light Balance Sheet Could Face a Hard Look Before IPO

The Information
Cory Weinberg @ The Information · 06/22/2026 09:00 EDT

Few companies have gone public with books as unusual as OpenAI’s.

At first glance, the company portrayed by the AI startup’s financial statements, reviewed by The Information, resembles a lean, low-debt software business. Its balance sheet, as at March 31, had zero debt and less than $750 million of lease liabilities.

Its cash-flow statement, moreover, showed OpenAI—one of the most hardware-centric tech businesses—spending just $46 million on capital expenditures in the quarter, less than even Salesforce,

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