OpenAI’s Q1 2026 revenue triples: cash burn hits $3.7 billion

The Information reports that OpenAI brought in about $5.7 billion in revenue in Q1 2026, while burning through roughly $3.7 billion in cash. Both numbers were about three times what they were a year earlier.

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That suggests demand is still rising fast. But computing costs are climbing almost in step with revenue, which makes the usual investor dream of widening margins harder to see.

Even so, The Information says OpenAI finished the quarter with more than $73 billion in cash and marketable securities, up from around $40 billion in December. Most of that jump, the report says, came from fundraising rather than from the underlying business.

The company has also told investors, per The Information, that it doesn’t expect to turn profitable until the end of the decade. The reason is straightforward enough: OpenAI plans to keep pouring tens of billions of dollars into infrastructure, model development, and the support systems around both.

Its latest funding round reportedly put OpenAI’s valuation at about $852 billion. That comes ahead of a confidential U.S. IPO filing that could land as soon as September 2026 and could value the company at as much as $1 trillion.

If you follow the AI business, this report is worth your time. The Information says OpenAI’s 2025 results showed a $39 billion net loss, or closer to $8 billion if you strip out a one-time non-cash charge tied to a structural conversion, on about $34 billion in total spending.

That spending total reportedly included roughly $19 billion in R&D. Add in competition from Anthropic, slower ChatGPT growth, and the possibility of model price cuts, and the pressure only builds.

The reported figures are in The Information’s coverage.