OpenAI confidential IPO filings revealed, disclosing $665 billion in off-balance-sheet commitments

The confidential IPO registration draft application reviewed by The Information shows that, as of March 31, 2026, OpenAI had zero debt on its books, lease liabilities of less than $750 million, and quarterly capital expenditures of only $46 million. However, future commitments for chip, energy, and data center procurement reach as high as $66.5 billion. In the first quarter, OpenAI recorded a net loss of about $8.5 billion, with 72% of its revenue costs paid to related parties, and $488 million in equity used to settle computing power expenses. In OpenAI's consolidated financial statements, the $5 billion loss from the data center joint venture project is attributable to external partners. Anthropic committed to pay $4.5 billion to Fluidstack, and Broadcom is guaranteeing Anthropic's $35 billion chip order leased from Google.