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OpenAI spending hit $34bn last year ahead of planned IPO

OpenAI spent $34 billion last year—$19 billion on R&D and nearly $6 billion on sales and marketing—while racking up $38.5 billion to $39 billion in losses against $13 billion in revenue. The company filed confidentially for an IPO, positioning itself in a race with Anthropic. Investors and analysts question whether the spending spree is sustainable ahead of a public market debut.

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What changed

New audited financials confirm OpenAI’s 2025 spending and losses, clarifying the scale of its pre-IPO burn rate and operational costs.

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  1. OpenAI’s $34B 2025 burn rate stokes IPO questions amid massive losses

    OpenAI spent $34 billion last year—$19 billion on R&D and nearly $6 billion on sales and marketing—while racking up $38.5 billion to $39 billion in losses against $13 billion in revenue. The company filed confidentially for an IPO, positioning itself in a race with Anthropic. Investors and analysts question whether the spending spree is sustainable ahead of a public market debut.

    What's confirmed:

    • OpenAI spent $34 billion in 2025, with $19 billion allocated to research and development and nearly $6 billion to sales and marketing.
    • The company posted $38.5 billion to $39 billion in losses last year against $13 billion in revenue.
    • OpenAI has confidentially filed for an IPO, preparing Wall Street for a high-profile AI debut.
    • Employees at OpenAI and Anthropic have already cashed out approximately $14 billion in equity.
    • OpenAI’s financial exposure runs through public partners including Microsoft, NVIDIA, and Oracle.

    Still unconfirmed:

    • OpenAI’s IPO could trigger broader market volatility, with comparisons drawn to past Big Tech IPO risks.
    • The AI sector’s financial health may impact retirement accounts due to speculative investments in AI-related stocks.
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