OpenAI says annualized revenue run-rate topped $20 billion in 2025

OpenAI announced that its annualized revenue run-rate exceeded $20 billion in 2025, a milestone the company’s chief financial officer set out in a company blog post that framed the advance as “growth on a scale never seen before.” The disclosure crystallizes a year of rapid expansion that has pushed the company into a new fiscal scale even as it locks in enormous infrastructure commitments and continues to burn significant cash.

Chief executive Sam Altman reinforced the trajectory in public comments and on X, saying the company is on track to generate more than $20 billion in annualized revenue this year and that it intends to grow to “hundreds of billions” in revenue by 2030. Altman urged urgency in building capacity, writing that “Massive infrastructure projects take quite awhile to build, so we have to start now,” language the company has used to justify an aggressive buildout of data centers, compute capacity and long-term chip commitments.

The $20 billion run-rate marks a sharp acceleration from figures disclosed or compiled earlier in 2025. First-half company filings showed roughly $4.3 billion in revenue in H1 2025 and projected full-year revenue near $13 billion. Midyear tracking placed the company’s run-rate in the $12 billion to $13 billion range. The new figure represents a substantial upward revision and highlights differences in how quarterly and annualized numbers have been reported and interpreted.

OpenAI has simultaneously disclosed or compiled large capital and operating commitments. Company data indicates the firm operated roughly 1.9 gigawatts of computing power in 2025, a scale that analysts equate to the electricity consumption of about two million homes. The company also has signaled more than $1.4 trillion in infrastructure deals and long-term commitments, a sum that has drawn scrutiny from investors over how those plans will be financed.

Financial disclosures for the first half of 2025 show a costly operating profile: approximately $2.5 billion of cash burn in H1, about $6.7 billion in research and development spending, nearly $2.5 billion in stock-based compensation, and roughly $17.5 billion in cash and securities on hand at midyear. Company projections prepared for 2025 anticipated full-year cash burn of about $8.5 billion, with compute and technical talent expected to consume roughly 75 percent of revenue over the period. To support its capital program, the company has sought new financing arrangements and discussed building an ecosystem of banks, private equity and a federal “backstop” or “guarantee” to underwrite chip investments.

OpenAI’s financing history this year also illustrates shifting market expectations. In April 2025 the company raised $40 billion at a reported $300 billion post-money valuation. Subsequent references to valuations have varied widely, with public and private market discussions placing value in the hundreds of billions and some fundraising targets implying even higher figures.

The combination of explosive revenue growth, massive capital commitments and steep operating costs raises immediate questions about sustainability, governance and oversight as the firm scales. Investors, clients and regulators will be watching whether additional financing can be secured on acceptable terms and how quickly the company can translate its run-rate into durable profitability while managing the environmental and market impacts of its expanding compute footprint.