OpenAI's first half results: $4.3 billion in sales, $2.5 billion cash burn - The Information

OpenAI's first half results: $4.3 billion in sales, $2.5 billion cash burn - The Information

OpenAI, the leading AI startup, has released its first half results for 2025, revealing a significant increase in sales and a substantial cash burn. According to the company's interim financial report, OpenAI generated $4.3 billion in sales during the first half of 2025, a notable increase compared to the same period last year. However, the company also reported a cash burn of $2.5 billion during the period, which is a significant expenditure given the company's aggressive dealmaking and infrastructure investments.

OpenAI's aggressive dealmaking has been a driving force behind its rapid growth. The company has inked mammoth agreements with major tech firms such as Nvidia, Oracle, and CoreWeave, among others. These deals have helped drive the stock market to record highs, despite the company's private status and ongoing cash burn. OpenAI's CEO, Sam Altman, has defended the company's spending, stating that scaling is key to driving innovation and future AI breakthroughs .

However, some analysts have raised concerns about OpenAI's deal with Nvidia. The $100 billion investment by Nvidia in OpenAI, which will be paid out in installments over several years, has been criticized as reminiscent of vendor financing patterns that helped burst the dot-com bubble in the early 2000s. The deal is seen as a troubling signal about the self-referential nature of the AI space, where the biggest winners are also the biggest investors .

Despite the concerns, OpenAI's Altman remains optimistic about the company's future. He has stated that the infrastructure spending spree is necessary to deliver AI and that the total demand for compute could reach a staggering 200 gigawatts by 2030. Building enough data centers to meet this demand would cost about $500 billion a year, meaning AI companies would have to generate a combined $2 trillion in annual revenue to cover those costs .

In conclusion, OpenAI's first half results for 2025 show a significant increase in sales, but also a substantial cash burn. The company's aggressive dealmaking and infrastructure investments have driven its growth, but also raised concerns about its sustainability. As the AI industry continues to evolve, it will be crucial to monitor OpenAI's financial performance and the broader implications of its dealmaking.