OpenAI spent $34 billion in the past year, far more than the year before. That's according to independent journalist Ed Zitron, whose figures were independently confirmed by the Financial Times.

About $19 billion went to research and development, while nearly $6 billion went to sales and marketing. Revenue came in at roughly $13 billion. By year's end, monthly revenue hit $2 billion, up from $1 billion per quarter at the end of 2024.

OpenAI's net loss jumped from $5 billion to around $39 billion. The Financial Times says most of that comes from a one-time, non-cash accounting charge of about $30 billion tied to the company's earlier corporate structure. Strip that out, and the loss sits at roughly $8 billion. OpenAI is preparing an IPO that could value the company at more than $1 trillion.