OpenAI spent $34 billion in 2025, losses widen ahead of IPO

OpenAI spent $34 billion in 2025 as the company ramped up investments in artificial intelligence infrastructure, research and talent, according to leaked financial statements that have surfaced ahead of its planned stock market debut.

OpenAI spent the most, about $19 billion on research and development and nearly $6 billion on sales and marketing last year, as per the Financial Times.

In terms of revenue, the AI company generated $13.07 billion in 2025, up from $3.7 billion in 2025. However, total costs and expenses climbed to about $34 billion from $12.48 billion, resulting in an operating loss of nearly $20.9 billion.

Losses surge before the IPO

The company reported an operating loss of about $21 billion in 2025, while net loss attributable to OpenAI widened to roughly $39 billion from about $5 billion in 2024.

However, a significant portion of the increase was linked to accounting adjustments rather than day-to-day operations. According to the Financial Times, the jump largely reflected a non-cash charge tied to OpenAI’s previous corporate structure before it transitioned to a for-profit corporation. The publication reported that the revaluation of investor interests resulted in a charge of roughly $30 billion that is not expected to recur.

“Stripping out the charge and other non-cash expenses,” including stock-based compensation and computing credits, operational losses were significantly lower, the Financial Times reported.

The spending spree has been supported by investor funding. Earlier this year, OpenAI raised $22 billion at a valuation of about $730 billion and has since confidentially filed paperwork for a U.S. initial public offering. Reports have suggested the company could eventually seek a valuation approaching $1 trillion.

“We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it,” the company said in a brief statement. “We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it’s a complicated set of trade-offs and this gives us the option to go public sooner if that ends up being best,” the company announced in a blog.