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The draft of OpenAI's confidential IPO registration application reviewed by The Information shows that as of March 31, 2026, OpenAI has zero debt on its books, lease liabilities of less than $750 million, and quarterly capital expenditures of only $46 million. However, its future chip, energy, and data center procurement commitments are as high as $665 billion. OpenAI suffered a net loss of approximately $8.5 billion in the first quarter, with 72% of its revenue costs paid to related parties and a $488 million equity settlement for its computing power bill. In OpenAI's data center joint venture project for consolidated reports, a loss of $5 billion was attributed to external partners. Anthropic has promised to pay Fluidstack $4.5 billion and Broadcom will provide guarantees for Anthropic's $35 billion chip order leased from Google.