OpenAI’s IPO plans spotlight $34 billion in 2025 spending and a $39 billion loss

OpenAI is asking investors to look past a heavy cost base as it moves toward a stock market debut. The ChatGPT owner spent $34 billion in 2025 and generated about $13 billion in revenue. It reported a $39 billion loss for the year. Costs were driven by building new systems, purchasing computing power, and operating data centers.