OpenAI has reported approximately $4.3 billion in revenue for the first half of 2025 (H1 2025), representing a 16% increase over its full-year revenue from 2024. This milestone, disclosed to shareholders and cited in a September 30, 2025, report by The Information, underscores the explosive growth of ChatGPT and related AI tools, which now boast over 700 million weekly active users globally. Despite the revenue boom, OpenAI’s cash burn reached $2.5 billion in H1, largely due to a hefty $6.7 billion R&D outlay, leaving the company with $17.5 billion in cash and securities at quarter-end.
For AI investors, enterprise leaders adopting generative tools, and tech analysts tracking the $100 billion AI market, OpenAI’s H1 figures signal sustained momentum toward its $13 billion full-year revenue target, even as it navigates a projected $8.5 billion annual cash burn. Backed by Microsoft and recent $40 billion funding commitments, the company is doubling down on infrastructure like data centers. Let’s break down the numbers, drivers, and outlook.
H1 2025 Financial Breakdown: Revenue Up, Burn High
OpenAI’s H1 revenue of $4.3 billion already eclipses 2024’s full-year total of $3.7 billion, fueled by ChatGPT subscriptions, enterprise API usage, and partnerships. The 16% growth reflects a monthly run rate of about $717 million, with projections holding steady for $13 billion annually.
Key H1 metrics:
| Metric | H1 2025 Amount | 2024 Full-Year | YoY Growth |
|---|---|---|---|
| Revenue | $4.3B | $3.7B | +16% |
| R&D Spend | $6.7B | N/A | N/A |
| Cash Burn | $2.5B | $7B (est.) | On track for $8.5B FY |
| Cash Reserves | $17.5B | N/A | Post-H1 |
The $6.7 billion R&D—covering model training, safety research, and infrastructure—drove the $2.5 billion burn, but OpenAI remains flush with liquidity from Microsoft’s Azure credits and SoftBank’s tens-of-billions pledge.
Growth Drivers: ChatGPT’s Scale and Enterprise Push
OpenAI’s revenue engine is ChatGPT, with 700 million weekly users driving subscriptions ($20/month Plus tier) and API calls from enterprises like PwC and Salesforce. H1 growth stemmed from:
- Consumer Subscriptions: 100 million+ paid users, up 50% YoY.
- Enterprise Adoption: API revenue doubled, with tools like GPT-4o powering custom agents.
- Partnerships: Nvidia’s $100 million investment and SoftBank’s commitments fuel scaling.
Recent launches like agentic shopping (Instant Checkout) and Sora 2’s social app could add $1-2 billion in FY26 commerce revenue.
Challenges and Outlook: Burn Rate vs. $500B Valuation Dreams
The $2.5 billion H1 burn—up from projections—highlights AI’s voracious appetite, with $8.5 billion FY25 spend on data centers and talent. Despite $17.5 billion cash, profitability remains elusive, with August 2025 talks of a $500 billion valuation via employee stock sales.
FY26 projections: $13 billion revenue, $8.5 billion burn—sustainable with funding, but regulatory scrutiny (e.g., FTC probes) looms.
Conclusion: OpenAI’s $4.3B H1 Sprint – Growth Amid the Burn
OpenAI’s $4.3 billion H1 2025 revenue—16% above 2024’s full year—validates its AI dominance, even as $6.7 billion R&D drives a $2.5 billion burn. With $17.5 billion cash and $13 billion FY targets, it’s sprinting toward AGI, but sustainability hinges on funding and regs. reuters
