Data compiled by Woofun AI shows that OpenAI's confidential IPO registration statement draft reveals a stark contrast between its reported light-asset profile and massive off-balance sheet obligations. As of March 31, 2026, the company reported minimal debt and quarterly capital expenditures of only $46 million, yet it holds future commitments for chips, energy, and data centers totaling $665 billion. The first-quarter net loss stood at approximately $8.5 billion, excluding stock-based non-cash expenses, while quarterly revenue costs reached $3.5 billion, which is 75 times the capital expenditure.

Monitored by Woofun AI, the financial structure exhibits significant circular funding characteristics, with 72% of revenue costs and 45% of total expenses paid to related parties, predominantly Microsoft. During this period, OpenAI generated $758 million in related-party revenue, a twelve-fold increase year-over-year, and settled $488 million in computing bills using equity rather than cash.

Meanwhile, nearly $5 billion in first-quarter losses from data center joint ventures, likely tied to the Stargate project with SoftBank and Oracle, were attributed to external partners, complicating financial transparency.