OpenAI's confidential IPO filing is drawing fresh attention after a report said the ChatGPT maker posted a sharply larger loss in 2025, alongside massive spending tied to building and running AI systems. 

OpenAI's net loss expanded to about $39 billion in 2025 from $5 billion in 2024, The Financial Times reported, citing audited financial numbers confirmed by sources. Excluding restructuring charges and other non-cash items, the company posted an $8 billion loss.

The total spending hit $34 billion, including $19 billion for research and development and nearly $6 billion across sales, marketing, and other items, the report stated.

The FT attributed the gap between the $39 billion net loss and the $8 billion adjusted figure to a large non-cash charge related to how certain investor rights were accounted for prior to the restructuring. The report said those interests were treated as liabilities that were measured at fair value repeatedly as the company's valuation climbed, resulting in an estimated charge of roughly $30 billion.

OpenAI has not laid out the size, pricing, or timing of its proposed IPO. Reuters and other outlets have previously reported that the company could pursue a valuation of up to $1 trillion and aim for a debut as early as September, according to the source report.

The same report contrasted OpenAI's scale with rival Anthropic, which has discussed an annual revenue run rate of $47 billion and said it expects operating profit of $559 million in the June quarter, though it has not released GAAP results. 

OpenAI said in March it was generating $2 billion in monthly revenue, according to the report.

Meanwhile, Elon Musk's SpaceX IPO prospectus showed 2025 revenue of $18.67 billion with a $4.94 billion net loss from a $791 million. Goldman Sachs and Morgan Stanley are projecting SpaceX revenue could reach more than $470 billion and nearly $330 billion, respectively, by 2030.

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