OpenAI reported a $34 billion expenditure for 2025, a figure that dwarfs its $13 billion revenue and underscores the scale of the company’s push toward a public listing. The spending, revealed by the Financial Times, marks more than two and a half times what the firm took in last year and sets the stage for an IPO that could carry a valuation of up to $1 trillion.
Roughly $19 billion of the outlay funded research and development, reflecting the company’s relentless drive to stay ahead in frontier artificial intelligence. Sales and marketing accounted for close to $6 billion, while the remainder covered the infrastructure and staffing needed to run large‑scale models. The allocation mirrors a strategy of outspending rivals to secure a technological lead.
Revenue topped the internal target of $10 billion, reaching $13 billion, a milestone the company celebrated. Yet the profit picture remains stark: a leaked net loss of about $39 billion for the year, widened by restructuring and non‑cash charges. Stripping those items leaves an operating loss near $8 billion, a figure that would be fatal for most businesses lacking OpenAI’s deep capital reserves.
The cash cushion comes from a historic $122 billion funding round earlier this year, which valued OpenAI at $852 billion. Backers included SoftBank, Nvidia and more than two dozen other investors. Some backers have hinted that the underwriting assumed a public valuation north of $1.2 trillion, indicating strong confidence in the company’s growth trajectory.
OpenAI has filed a confidential registration statement with the U.S. Securities and Exchange Commission, signaling that an IPO is moving forward. Targeting a valuation up to $1 trillion, the listing would rank among the largest ever. The newly disclosed spending numbers provide the first detailed view of what future shareholders would be buying.
Looking ahead, OpenAI has pledged roughly $600 billion to AI infrastructure through 2030, positioning the 2025 spend as an early instalment in a long‑term investment plan. The massive commitment underscores the firm’s belief that sustained hardware and cloud capacity will be essential to maintain its competitive edge.
The company declined to comment on the leaked financials, and no audited accounts have been released. As the market digests the scale of both the spending and the losses, investors will weigh whether the growth in revenue and the promise of a trillion‑dollar valuation justify the current financial gap.
Cet article a été rédigé avec l'assistance de l'IA.
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