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OpenAI Posts $34bn 2025 Spend, $38.5bn Net Loss as IPO Looms

June 15, 2026 at 23:48 EDT

Funding & M&A
Foundation Models
Infra & Chips

OpenAI spent a total of $34bn in 2025 against $13.07bn in revenue, posting a net loss of about $38.5bn, according to audited financial statements. The figures draw scrutiny ahead of the company's planned initial public offering (IPO).

2025 Audited Figures · OpenAI

$34bn Spent, $13bn Earned: The Burn Behind a $1tn IPO

OpenAI's capital consumption is in sharp focus as it prepares for a planned listing. Model training and compute investment are outrunning even its fast-growing revenue — a loss of $1.22 for every $1 earned.

$34bn

Total spending (audited), mainly model training & compute

$13bn

Revenue · ARR run rate above $20bn

~$8bn

Forecast operating loss for the year

Spending vs Revenue — drawn to scale

Each block ≈ $4bn. The cost column towers over what comes in.

$34bn

Spending

$13bn

Revenue

A negative ~122% operating margin: about $1.22 lost per $1 of revenue.

Inference cost — about 4× year over year

1×

4×

Gross margin — squeezed

40% → 33%

Driven down by rising inference costs.

Long-term compute commitment, revised down

~$1.4tn

Previous figure

~$600bn

Revised target through 2030

A reworked data center strategy reflects Wall Street's concerns ahead of an IPO valued at up to $1tn.

The bull case

Revenue growth called "unprecedented in scale"
Roughly 700M weekly active ChatGPT users
Run rate already beating initial targets

The bear case

Possible ~$207bn funding shortfall by 2030
Cumulative losses & inference-driven margin pressure
Demanding quarterly disclosure as a public company

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