OpenAI Confidentially Files for IPO After $34 Billion 2025 Spending

3 articles · Updated · Financial Times · Jun 16

$34 billion in 2025 spending surfaced as OpenAI quietly filed SEC paperwork for an IPO earlier this month, positioning the ChatGPT maker to tap public markets as soon as autumn.
$19 billion went to research and development and nearly $6 billion to sales and marketing, helping drive revenue to about $13 billion but leaving costs ahead of income.
Net loss jumped to about $39 billion from $5 billion in 2024, though roughly $30 billion came from a non-cash accounting charge tied to investor rights before OpenAI's restructuring.
Adjusted for that charge and other non-cash items, losses were about $8 billion, underscoring how expensive model building, data centers and talent recruitment remain even as monthly revenue reached $2 billion by late 2025.
The filing comes after OpenAI raised funding at a $730 billion valuation and as investors expect a listing that could top $1 trillion, setting up a potential IPO race with Anthropic.

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Overview

OpenAI has taken a major step toward going public by submitting a confidential S-1 registration statement to the SEC on June 8, 2026. This move marks the beginning of a highly anticipated IPO that could value the company at over $1 trillion. OpenAI proactively announced its filing, expecting the document might leak, and has been preparing for public scrutiny by adopting rigorous financial practices. The decision to pursue a public listing reflects OpenAI’s strategic ambition to access larger capital markets, strengthen its credibility, and compete in the rapidly evolving AI industry.

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