OpenAI: $34 Billion in Expenses, $13 Billion in Revenue by 2025

OpenAI: $34 Billion in Expenses, $13 Billion in Revenue in 2025

OpenAI spent more than two and a half times what it earned in 2025. Just months away from a historic IPO, the gap is so glaring that it speaks volumes about the financial fragility of the artificial intelligence (AI) giant.

A few days ago, OpenAI filed its IPO application with the U.S. financial regulator, aiming for a valuation around $1 trillion. This is an extraordinary operation that would make it one of the largest listings ever conducted.

But can the company really afford this? Internal financial data, first revealed by independent journalist Ed Zitron and later confirmed by the Financial Times, sheds light on the behind-the-scenes reality. This confirms concerns about the financial viability of the startup.

An Abyssal Gap

The findings are unequivocal. OpenAI spent $34 billion in 2025, for only $13 billion in revenue. In detail:

• Nearly $19 billion went into research and development
• About $6 billion was spent on sales and marketing
• The remainder financed the infrastructure and personnel needed to operate its models at scale

At first glance, the revenue itself is not a problem, as it exceeds the internal target set at $10 billion; it is primarily the gap that raises questions: it is abyssal. The net loss surged to $39 billion, compared to $5 billion in 2024.

It is worth noting that before its transformation into a public benefit corporation, OpenAI granted its investors convertible rights, treated as debt under U.S. accounting standards, and revalued with each increase in valuation. This revaluation alone generated a charge of about $30 billion, which should not recur in the future. Once this element is removed, the so-called operational loss drops to around $8 billion. A much less spectacular figure, but still considerable for a company that has, to date, never published public audited accounts. Especially since its commitments raise questions: OpenAI has already announced plans to allocate about $600 billion to AI infrastructure by 2030.

The Context Is Not in Its Favor

These figures come at the worst possible time. Major rival Anthropic has surpassed OpenAI and is now valued at $965 billion. Legal pressure is also mounting, as a coalition of 42 U.S. state attorneys general has launched an investigation into the company's practices and their impact on vulnerable individuals. Additionally, a separate lawsuit has been filed by Florida against the company and Sam Altman himself, accusing them of bringing a dangerous product to market. For a company preparing to go public, such risks must now be disclosed to investors.

Finally, the dominant position of ChatGPT is eroding. For the first time, its chatbot has fallen below 50% market share, under pressure from Gemini and Claude. These factors further fuel doubts about the solidity of the AI giant at a time when it particularly needs to reassure.