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OpenAI Reportedly Spent $34 Billion in 2025, With $38.5 Billion Net Loss

June 16, 2026 at 09:43 EDT

Funding & M&A
Infra & Chips
Sales & Business

OpenAI spent $34 billion in total costs and expenses in 2025 and posted a net loss attributable to the company of roughly $38.53 billion, according to reporting based on audited financial documents. The figures, independently verified by the Financial Times, are drawing attention amid a planned initial public offering (IPO).

June 16, 2026 · OpenAI Financials

OpenAI Burned ~$34 Billion in 2025 — Spending More Than Double Its Revenue

Audited figures lay bare the scale of cash burn ahead of a planned IPO: $19B on R&D, $6B on sales and marketing, while losses widened roughly eightfold year over year.

~$34B

Total spending in 2025

8×

Losses widened year over year

~33%

Estimated gross margin

Spending vs. Revenue — the gap that defines the IPO

Each block ≈ $5 billion. Columns drawn to scale.

~$34B

Total spending

~$13.1B

Annual revenue (est.)

Where the $34B went

R&D~$19B

Sales & marketing~$6B

Other expenses~$9B

Revenue is climbing fast

Annualized recurring revenue passed $20B, up sharply from $5.5B at the end of 2024 — and a SoftBank-led round raised ~$40B at a $300B valuation.

But the burn is the concern

A low-margin structure and surging inference costs raise doubts over whether growth can justify the spending — fueling debate as an IPO nears.

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