OpenAI’s books show zero debt and just $46mn of quarterly capital spending. The catch, reported by The Information: around $665bn of commitments sitting just off the balance sheet, now heading for regulators’ desks.
On paper, OpenAI looks like a lean software business. The reality is far heavier.
As at 31 March, the ChatGPT maker had zero debt and less than $750mn of lease liabilities, according to The Information, which reviewed its financial statements. Its capital spending for the quarter came to just $46mn. That is less than Salesforce, a company that merely sells software.
For one of the most hardware-hungry businesses in tech, those are remarkable numbers.
The $665bn hiding off the books
