OpenAI $34 billion spend, $39 billion loss as IPO looms

OpenAI spent $34 billion in 2025, more than double its revenue, as the company prepares for a potential initial public offering that could value it at up to $1 trillion, according to newly reported financial figures. The audited data, confirmed by sources, shows the ChatGPT maker’s net loss expanded dramatically to roughly $39 billion last year from $5 billion in 2024.

The company’s revenue grew rapidly, reaching approximately $13 billion for 2025 and hitting a monthly run rate of about $2 billion by December. However, its expenses surged even faster. Research and development costs alone consumed $19 billion, while sales and marketing accounted for nearly $6 billion. The remaining spending covered computing infrastructure, data center operations, and staffing.

A significant portion of the reported net loss stemmed from a one-time, non-cash accounting charge of roughly $30 billion. This charge was related to the company’s previous corporate structure, which treated certain investor interests as liabilities that had to be revalued as OpenAI’s valuation climbed. Excluding this charge and other restructuring items, the company’s adjusted loss for the year was approximately $8 billion.