OpenAI spent $34 billion last year and posted net losses of $38.53 billion in 2025, according to reporting by the Financial Times — a staggering figure that represents nearly eight times the losses recorded the prior year.
The numbers land as the company is reportedly preparing to go public, raising pointed questions about when — or whether — the world's most prominent AI company can turn a profit. According to MSN's coverage of the figures, there is no clear path to profitability on the horizon.
The scale of the losses reflects the enormous cost of building and running frontier AI systems: vast data centers, specialized chips, and a growing workforce all carry price tags that current revenues have not come close to offsetting.
OpenAI has attracted massive investment and commands a valuation in the hundreds of billions, but those figures rest heavily on projected future dominance of the AI market rather than present-day earnings.
For everyday readers, the stakes are straightforward: if OpenAI goes public, ordinary investors will be asked to bet on a company spending tens of billions more than it earns, in a race whose winner is far from decided. How Wall Street prices that gamble — and whether investors accept it — could set the tone for how the broader AI industry is valued for years to come.