OpenAI spent $34bn last year as it lines up for an IPO
OpenAI spent $34bn in 2025, more than two and a half times what it took in, as it prepares to file for one of the largest public listings ever attempted. The figure, reported by the Financial Times, lays out in stark terms what the race to build frontier AI now costs the company leading it.
The breakdown is roughly what one would expect from a firm trying to outspend everyone else into a lead. About $19bn went on research and development, the FT reported, and close to $6bn on sales and marketing, with the rest spread across the infrastructure and staffing that running models at scale demands. Against that, revenue came in at $13bn, ahead of the company’s own internal target of $10bn.
The gap between those two numbers is the entire story of OpenAI’s present moment. Revenue is growing fast and beating plan, and the company is still...
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