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OpenAI spent $34B on R&D, sales, and marketing ahead of IPO: FT
The AI giant is burning through cash at a staggering rate as it prepares for a public offering that could value it at $1 trillion
OpenAI projected $34 billion in spending on research and development, sales, and marketing in 2025. The figure, reported by the Financial Times, illustrates the sheer scale of investment OpenAI believes is necessary to stay ahead in the AI arms race.
The numbers behind the spending spree
OpenAI pulled in $13 billion in revenue during 2025, which actually beat its internal target of $10 billion. Total expenses hit roughly $8 billion, and R&D alone consumed $6.7 billion in just the first half of the year.
Microsoft holds a 27% ownership stake in OpenAI’s for-profit entity following the company’s structural overhaul.
The road to a trillion-dollar IPO
On June 8, 2026, OpenAI confidentially filed an S-1 registration statement with the SEC. The company is targeting a valuation of up to $1 trillion, which would make it one of the largest IPOs in history if it materializes by late 2026 or 2027.
The filing marks a critical milestone in OpenAI’s transition from its original nonprofit structure to a for-profit public benefit corporation.
OpenAI has reportedly missed key internal benchmarks for both user engagement and revenue growth. The company is also grappling with surging operational costs. Inference costs have reportedly quadrupled in 2025. In response, OpenAI is considering significant price reductions for its API offerings to stay competitive against rivals like Anthropic.