OpenAI's financial structure before its IPO draws attention: its asset-light balance sheet may face key scrutiny from capital markets.

```htmlJinse Finance reported, according to The Information, that OpenAI's unique financial structure may face further scrutiny from investors and the market during its IPO preparations. Based on publicly disclosed financial data, OpenAI demonstrates the characteristics of a low-debt software company. As of March 31, 2026, the company's balance sheet shows zero debt, with lease liabilities under $750 million. Meanwhile, although OpenAI is currently one of the tech companies most reliant on hardware infrastructure, its cash flow statement indicates that capital expenditures for the quarter were only about $46 million, creating a contrast between its "asset-light" financial performance and its actual business model. Analysts believe that if OpenAI intends to move forward with an IPO, investors will likely focus on evaluating the asset structure behind its financial statements, as well as how the company maintains capital efficiency while rapidly expanding its AI infrastructure.```