OpenAI's 2025 financials leak shows a $38.5 billion loss, lowering IPO odds; IPO by December 31, 2026 at 45.5% YES.

OpenAI projected $34 billion in spending on R&D, sales, and marketing in 2025 as it prepares for a potential $1 trillion IPO filing with the SEC.

The FT reports OpenAI spent $34bn in 2025 against $13bn revenue, as it readies a confidential IPO targeting a $1tn valuation.