OpenAI projects $278 billion cash burn and delays planned 2026 IPO
Huge compute and infrastructure spending forces OpenAI to seek more capital while pushing back its listing.
OpenAI has told investors it expects to run a cumulative negative free cash flow of $278 billion between 2026 and 2030, driven mainly by massive spending on compute and infrastructure. The company projects revenue to grow from $36 billion in 2026 to $350 billion in 2030, totaling $840 billion over that span. Over the same years, it expects to spend about $856 billion on computing resources and infrastructure alone. OpenAI recently raised $122 billion in March but estimates this could be exhausted by 2028 and is already in talks for another large funding round at a valuation above the $1.2 trillion some investors have floated. The firm confidentially filed for an IPO with the SEC in June for a planned autumn 2026 listing, but has since delayed the offering, officially citing rising public concern over AI risks.
Why it matters
OpenAI is signaling that scaling its AI models will demand capital on a scale usually associated with states, not startups. With spending on production capacity and infrastructure set to exceed earnings by over a quarter of a trillion dollars, the company expects to burn through its recent $122 billion raise by 2028 and is already chasing fresh funding at valuations above figures some investors proposed. The delayed IPO shows public concern over AI risks is starting to shape how and when major AI companies come to market.