Editing Openai/69408f2e-3acc-800c-a0c5-7ab1f3f9f65c (section)

==== Even ignoring future expansions, most publicly reported costs are still operational: ====

===== - In H1 2025, OpenAI spent $6.7B on R&D and nearly $2.5B on stock-based compensation. Sacra<ref>{{cite web|title=Sacra|url=https://sacra.com/research/openai/|publisher=sacra.com|access-date=2025-12-16}}</ref> =====
* Marketing and other costs have been significant too, and operating expense > revenue was reported. Financial Times<ref>{{cite web|title=Financial Times|url=https://www.ft.com/content/908dc05b-5fcd-456a-88a3-eba1f77d3ffd|publisher=Financial Times|access-date=2025-12-16}}</ref>

===== - Some reporting cites operating losses of ~$7.8 B in the first half of 2025 — even before big capital expansions are factored in. Reddit<ref>{{cite web|title=Reddit|url=https://www.reddit.com//r/mlscaling/comments/1nucdh9|publisher=reddit.com|access-date=2025-12-16}}</ref> =====
* Other analyses project net losses continuing into coming years. Asian Fin<ref>{{cite web|title=Asian Fin|url=https://www.asianfin.com/articles/89369|publisher=Asian Fin|access-date=2025-12-16}}</ref>

This means operational costs currently exceed revenue.