OpenAI Q1 2026: Revenue hits $5.7B but operating loss reaches $9.3B amid heavy spending
By
Matthias Bastian
Summary
OpenAI generated $5.7 billion in revenue in Q1 2026 (triple year-over-year) but spent $3.7 billion to achieve it, with stock-based compensation alone exceeding $2.3 billion. The company reported a $9.3 billion operating loss and a net loss over $21.3 billion (largely from paper revaluations). Despite heavy spending, OpenAI holds over $73 billion in cash and securities, though a potential price war with Anthropic could change its capital needs.
Source
bskyOpenAI Q1 2026: Revenue hits $5.7B but operating loss reaches $9.3B amid heavy spendingthe-decoder.comKey quotes
· 5 pulledOpenAI burned through about $3.7 billion in the first quarter of 2026, more than half of its $5.7 billion in revenue.
Stock-based compensation alone topped $2.3 billion, more than double what it was a year ago.
The net loss came in at over $21.3 billion, though $12.4 billion of that was purely on paper from revaluing investor rights.
OpenAI holds more than $73 billion in cash and securities.
With $73 billion in reserves, OpenAI doesn't need fresh capital right now, but a price war with Anthropic could change that fast.
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