OpenAI tripled revenue to $5.7 billion in Q1 but burned through $3.7 billion to get there

OpenAI generated $5.7 billion in revenue during the first quarter of 2026, while simultaneously incurring $3.7 billion in operational expenses. Both figures represent a threefold increase over the previous year, with stock-based compensation accounting for $2.3 billion of those costs. Despite the high burn rate, the company maintains $73 billion in cash reserves. These financial results highlight the immense capital required to scale large-scale AI operations, though the company’s current liquidity suggests it remains well-positioned to sustain long-term development despite rising competitive pressures.