OpenAI 去年支出 340 亿美元，净亏损约 390 亿但含一次性费用
OpenAI 过去一年支出 340 亿美元，其中约 190 亿投入研发，近 60 亿用于销售和营销。收入约 130 亿美元，年底月收入达 20 亿美元。净亏损从 50 亿跃升至约 390 亿美元，但《金融时报》指出其中约 300 亿为一次性非现金会计费用，剔除后实际亏损约 80 亿美元。OpenAI 正筹备 IPO，估值可能超 1 万亿美元。
花 340 亿才赚 130 亿，运营亏损 80 亿，但估值要冲万亿，这账本对 AI 公司的估值逻辑是个压力测试。
Jun 16, 2026
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.
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