Audited filings show OpenAI spent roughly $34 billion in 2025, dwarfing its $13 billion revenue. About $19 billion went to R&D and $6 billion to sales and marketing, funding new models, data‑centre capacity and hiring sprees aimed at market leadership before a slated IPO in the United States this year.

OpenAI’s management argues the aggressive spend reflects a belief that scaling infrastructure now will lock in dominance as enterprise AI demand accelerates, forcing rivals to chase costly compute pipelines. The company has also expanded its partnership network, securing additional cloud credits and joint‑development deals to offset part of the cash outflow.

The surge lifted net losses to an estimated $39 billion, an eight‑fold jump from the prior year. The bulk came from a non‑cash accounting charge on convertible interests re‑valued as the firm’s valuation rose toward a $730 billion post‑money round. Stripped of that charge, operating losses sat near $8 billion, and analysts warn cash burn remains a financing risk.

Investors have poured $122 billion into the company, backing a public listing that could value OpenAI above $1 trillion. Competitor Anthropic filed for an IPO after raising $65 billion at a $900 billion valuation. A successful float could bankroll further model upgrades and ease the overall cost burden significantly.