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Few companies have financial situations as unique as OpenAI's when going public. A review of its financial statements reveals that, on the surface, this AI startup resembles a software company with light assets and low debt. As of March 31, its balance sheet showed no debt and lease liabilities of less than $750 million. However, the footnotes to the financial statements indicate that OpenAI has procurement commitments totaling $665 billion over the next few years in the areas of chips, electricity, and data centers, primarily due to renting computing power from third-party data centers, with massive lease expenses continuing to be reflected in the income statement. Additionally, the high cost of renting computing power led to a net loss of approximately $8.5 billion in the first quarter.
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