OpenAI spent $34bn in 2025 against $13bn in revenue, revealing the staggering cost of leading frontier AI development. About $19bn went to R&D and $6bn to sales and marketing. Despite beating its internal $10bn revenue target, the company posted a net loss of around $39bn (or ~$8bn operating loss excluding restructuring charges). OpenAI has filed confidentially with the SEC for an IPO targeting a $1tn valuation, following a record $122bn private funding round at an $852bn valuation backed by SoftBank, Nvidia, and others. The company has told investors it plans to commit roughly $600bn to AI infrastructure through 2030.
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