OpenAI's balance sheet looks deceptively clean heading into its IPO — zero debt and just $46mn in quarterly capex — but around $665bn in off-balance-sheet purchase commitments tell a different story. Most of these are long-term compute deals with Microsoft, Oracle, Amazon, and joint ventures like Stargate. About 72% of OpenAI's cost of revenue flows to related parties, raising conflict-of-interest concerns for regulators. The company filed confidentially with the SEC on June 8, with a valuation around $852bn and analyst expectations of a $1tn debut. Revenue projections are also eyebrow-raising: OpenAI forecasts capturing essentially the entire projected AI ad market by 2030 on its own. Meanwhile, cash burn continues at roughly $3.7bn per quarter.
