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OpenAI: Revenues Tripled but Colossal Expenses in 2026

💼 Business & Startups·Tom Levy·

OpenAI: Revenues Tripled but Colossal Expenses in 2026

OpenAI: Revenues Tripled but Colossal Expenses in 2026
Key Takeaways
1OpenAI reached $5.7 billion in revenue in the first quarter of 2026, tripling its results from the previous year.
2OpenAI's expenses also tripled, reaching $3.7 billion, including $2.3 billion in stock-based compensation.
3With $73 billion in reserves, OpenAI is currently shielded from the need to raise new funds.
💡Why it mattersThe price war with Anthropic could quickly alter OpenAI's current financial stability.
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Full Analysis

OpenAI: Revenues Triple but Colossal Expenses in 2026

OpenAI has tripled its revenues to reach $5.7 billion in the first quarter of 2026, but spent approximately $3.7 billion to achieve this. Both figures have also tripled compared to the previous year, according to The Information, which cites documents shared by OpenAI with its shareholders. Stock compensation alone reached $2.3 billion, more than double last year's amount. However, gross margin increased, rising from 33 to 39 percent.

Operating loss reached $9.3 billion. The net loss amounted to over $21.3 billion, although $12.4 billion of this amount is purely on paper, resulting from the revaluation of investor rights. OpenAI holds over $73 billion in cash and securities, meaning it does not need new capital at this time. However, a price war with Anthropic and Chinese models could change the game, and this scenario cannot be ruled out.

OpenAI has filed documents for an initial public offering (IPO) but has not yet set a date. CEO Sam Altman indicates that there may be good reasons to remain a private company, highlighting the progress made in self-improving AI. Another reason for delaying the IPO is the imminent public offering of Anthropic, fueled by its rapid gains in the enterprise coding space.

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