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OpenAI spending hit $34bn last year ahead of planned IPO

Audited figures reveal mounting costs from model development, infrastructure and rapid expansion

OpenAI spent $34bn last year as the ChatGPT maker poured money into a race to dominate the fast-growing AI market ahead of a planned stock market listing.

Audited financial figures confirmed by people familiar with the matter show the company spent about $19bn on research and development in 2025 and nearly $6bn on sales and marketing, as well as other costs.

The spending figures, up sharply from the previous year, offer a rare glimpse into the economics underpinning the AI boom, particularly OpenAI’s lavish outlay to build models, fund data centres and recruit top researchers.

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