OpenAI burned $3.7B in Q1 2026, more than half its revenue

消息称 OpenAI 今年一季度现金消耗达 37 亿美元，超同期收入的一半

The Information obtained an OpenAI shareholder document showing $3.7B cash burn in Q1 2026 against $3.5B revenue. Spending is driven by compute, model R&D, and talent. OpenAI has confidentially filed for an IPO, potentially as early as September, with a valuation that could reach $1 trillion. I'd discount that for now—both the timeline and valuation are single-source claims, and the post doesn't break down the cost structure further.

Why it matters: The Information obtained a shareholder document with real Q1 numbers: $3.7B cash burn against $5.7B revenue. Rare hard data, not a rumor. Score capped below 85 because IPO timing and valuation come from a single source, and the post doesn't disclose cash reserves or a breakdow...