The figures are likely to face close scrutiny from investors, especially if OpenAI and Anthropic launch IPOs around the same time.
- OpenAI spent $34 billion on various expenses last year, according to a Financial Times report.
- OpenAI’s net loss widened from $5 billion in 2024 to about $39 billion in 2025, the Financial Times reported. Excluding restructuring charges and other non-cash items, the company’s loss was $8 billion.
- The AI company confidentially filed for a U.S. IPO last week.
OpenAI’s net loss ballooned from $5 billion in 2024 to a staggering $39 billion last year, as it continued to spend heavily on AI model development and securing compute capacity, the Financial Times reported on Tuesday, citing audited financial figures confirmed by its sources.
The ChatGPT maker spent $34 billion last year, including $19 billion on research and development and nearly $6 billion on sales, marketing, and other expenses, according to the report.
Coming just after OpenAI confidentially filed for a U.S. IPO, the reported figures highlight the sheer scale of spending at the AI giant as it faces intensifying competition from Anthropic and Google. The numbers are likely to come under close scrutiny from prospective investors, especially as OpenAI and Anthropic could launch their IPOs around the same time.
On Stocktwits, the retail sentiment was ‘neutral’ for OPEAZZX and ‘bullish’ for ANTHZZX early Tuesday.
How OpenAI Stacks Up Against Anthropic, SpaceX
OpenAI said in March it was clocking $2 billion in monthly revenue, and Anthropic said last month that it had achieved an annual revenue run rate of $47 billion. Neither has disclosed GAAP financials so far. Anthropic’s expenditure and losses are unknown, but the Claude developer said it would report an operating profit of $559 million in the June quarter.
In March, OpenAI raised $122 billion in a funding round at a valuation of $730 billion, excluding the new investment. Its post-money valuation came out to be $852 billion, trailing Anthropic’s $965 billion valuation.
Last week, Elon Musk’s SpaceX (which includes Musk’s AI business, xAI) listed its shares on Nasdaq in a record-shattering IPO that raised $75 billion. SpaceX's revenue jumped 33% to $18.67 billion in 2025, but the company swung to a net loss of $4.94 billion from a profit of $791 million, according to its IPO prospectus.
Goldman has estimated that SpaceX's revenue would exceed $470 billion in 2030, while Morgan Stanley projected it would reach nearly $330 billion.
OpenAI IPO Watch
Last week, OpenAI said it had confidentially filed its IPO paperwork with the securities regulator, joining rival Anthropic in a push toward a stock market listing. It did not disclose the size or terms of the offering and said a timeline has not yet been determined.
Reuters and other outlets previously reported that the AI giant could target a valuation of up to $1 trillion in a stock market debut as early as September.
OpenAI’s Loss Widened Due To Restructuring
The FT reported, citing a source, that OpenAI’s high loss figure was largely due to its restructuring into a for-profit corporation, which was completed last October.
The majority of the increase in net loss last year was due to non-cash accounting charges tied to the company’s prior structure rather than its underlying operations, according to the report.
Before OpenAI’s switch, investors in the company received convertible interest rights rather than conventional equity. Under U.S. accounting rules, those interests were treated as liabilities and periodically revalued as the company’s valuation increased.
As OpenAI’s value rose, the increased value of those investor rights resulted in a roughly $30 billion charge, according to the FT source. The charge is not expected to recur following the restructuring, they said. Excluding restructuring charges and other non-cash items, the company’s loss was $8 billion.
According to Nasdaq Private Market, OpenAI’s valuation was last at $833.7 billion.
For updates and corrections, email newsroom[at]stocktwits[dot]com.<
