OpenAI spending hit $34 billion last year ahead of planned IPO: Report

Short summary

OpenAI's 2025 audited spending totaled $34 billion, with $19 billion invested in R&D and $6 billion in sales and marketing—key metrics ahead of the planned IPO. The figures demonstrate the massive capital intensity of AI infrastructure and the company's burn rate relative to the industry. Essential reading for founders and investors assessing AI market economics and competitive positioning.

• •$34B total spend in 2025 ($19B R&D, $6B S&M)
• •IPO context: reveals capital intensity of AI infrastructure
• •Market benchmark for AI company burn rates and cost structure

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