OpenAI spent $34bn in 2025 as it races toward a $1tn+ IPO
What's the deal? OpenAI burned through roughly $34bn in 2025, far outpacing its $13bn in revenue for the year. The ChatGPT maker spent about $19bn on research and development and nearly $6bn on sales and marketing, according to audited financial figures confirmed by people familiar with the matter and first shared with the Financial Times by independent journalist Ed Zitron.
The spending contributed to a nearly eightfold jump in net loss — from $5bn in 2024 to around $39bn in 2025. However, the large majority of that increase reflects a non-cash accounting charge of roughly $30bn tied to OpenAI's previous corporate structure, not its underlying operations. Stripping out that charge and other non-cash expenses like stock-based compensation and Microsoft computing credits, losses were $8bn.
Why now? OpenAI filed confidentially with the SEC for an IPO in June 2026, and a public listing could value it at more than $1tn. Chief executive officer Sam AltmanDealroom has a profile for this one. Try Dealroom → has framed the filing as preserving the option of tapping public markets, while noting that remaining private might prove the better course.
The company raised $122bn at a $730bn valuation in early 2026, giving it a war chest to sustain its heavy spending. By the end of 2025, OpenAI was generating $2bn in monthly revenue, up from $1bn a quarter at the end of 2024 — making it one of the fastest-growing businesses in history.
What could go wrong? The gap between spending and revenue is stark. OpenAI is spending roughly $2.60 for every dollar it earns, a ratio that investors will scrutinise closely if the company goes public.
The IPO also sets up a direct race with AnthropicDealroom has a profile for this one. Try Dealroom →, which filed its own confidential IPO paperwork in June 2026 after raising $65bn at a $900bn valuation. Both companies are betting that massive capital expenditure now will translate into market dominance later — but public market investors tend to be less patient than venture backers.
The signal: These numbers offer a rare, concrete glimpse into the economics of the AI boom. The scale of spending — $19bn on R&D alone — underscores how capital-intensive the frontier AI race has become. OpenAI's path to profitability depends on revenue growth continuing at its current breakneck pace while costs eventually stabilise, a bet that will soon be tested in public markets.
Read more: Financial Times
