Fortune Deep Dive: OpenAI's S-1 to Reveal Negative 122% Operating Margin, $6.95B Quarterly Loss, and $207B Capital Needs Through 2030

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Fortune's May 22 analysis of OpenAI's trillion-dollar IPO filing highlights that in Q1 2026, OpenAI lost $1.22 for every dollar of revenue (negative 122% non-GAAP operating margin), translating to ~$6.95B quarterly loss. The company needs an estimated $207B in additional capital through 2030 to honor existing compute commitments. The filing will also clarify Microsoft's ~$270B stake and the nonprofit foundation's ~$260B stake, plus Sam Altman's passive equity position.