The Money TrailJune 16, 2026via Financial Times Technology
OpenAI spending hit $34bn last year ahead of planned IPO
Why it matters
OpenAI's audited spending reveals the true cost of frontier model development and infrastructure scaling. Ahead of an IPO, these numbers signal both the capital intensity of the AI race and investor confidence in eventual profitability.
Key signals
- OpenAI spending: $34B in FY2025
- Costs driven by model development, infrastructure, and rapid expansion
- Audited figures (not unverified claims)
- IPO filing imminent
- Spending trajectory suggests ongoing losses or break-even at scale
The hook
$34B. That's what OpenAI burned last year—and they're going public anyway.
Audited figures reveal mounting costs from model development, infrastructure and rapid expansion