OpenAI projected to burn through $278b on computing by 2030, with revenue seen rising tenfold

OpenAI is expected to spend $278 billion in cash over the five years through the end of 2030, primarily to secure computing capacity, the Financial Times reported Saturday (local time).

The FT, citing a recent OpenAI internal report, said the company's sales are projected to grow roughly tenfold — from $36 billion this year to $350 billion in 2030 — but that investment in computing power will outpace revenue, leaving free cash flow negative throughout the five-year period.

Cumulative sales over the same period are forecast to reach $840 billion.

OpenAI is expected to spend about $856 billion on computing power and infrastructure through the end of 2030, by far the largest single spending category.

The company raised $122 billion in March, but the report projects those funds will be exhausted by 2028.

OpenAI's annualized sales grew about 20 percent in July, driven by new product launches.

The company filed confidential paperwork with the U.S. Securities and Exchange Commission in June, targeting an initial public offering this fall, though the process has been delayed amid public concern over the risks of rapidly advancing AI.

Amid those projections, OpenAI is also exploring additional fundraising ahead of its IPO and hopes to secure a valuation of at least $1.5 trillion.

The New York Times reported Wednesday (local time), citing sources, that investors had recently offered to invest in OpenAI at a valuation of $1.2 trillion, but the company has pushed for $1.5 trillion, pointing to growing customer adoption of its coding tool Codex and its latest AI models, GPT-6 Astra and GPT-5.6 Sol.

The Times said that if the fundraising closes at that figure, OpenAI's valuation would roughly double its most recent assessed value, making it "the most valuable private company in the world."

In August, OpenAI Chief Financial Officer Sarah Friar told an internal all-hands meeting that "OpenAI will be a public company next year," confirming plans to list in 2027.

Meanwhile, the heads of four companies locked in fierce competition over AI development — Anthropic, OpenAI, xAI and Google DeepMind — recently took the rare step of speaking in unison, agreeing that the pace of AI development needs to slow down.