OpenAI Hit Negative 122% Operating Margin in Early 2026, Filed for IPO with Breakeven Not Expected Until 2029

Newly surfaced figures show OpenAI burning cash at an extraordinary rate even by AI startup standards, raising pointed questions about whether the current economics of frontier AI can sustain a public company.

OpenAI reportedly filed for its initial public offering amid financial results that would make most investors reach for antacids: a negative 122 percent operating margin in early 2026, according to figures shared by @agtprpnabsrdty. The company does not expect to reach breakeven before 2029, as @rockyrunz noted — meaning at least three more years of substantial losses before the company's revenue can cover its costs.

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