OpenAI expects to burn $278 billion in negative free cash flow from 2026 through the end of 2030 even as revenue climbs toward $350 billion, a company presentation reviewed by the Financial Times shows. The gap underscores how much capital the business must raise before any public listing can credibly occur.
The numbers
Revenue is projected to rise from $36 billion next year to $350 billion in 2030, but spending on computing infrastructure will run far ahead of that growth. The presentation puts cumulative negative free cash flow at $278 billion over the five-year window, a figure that dwarfs the revenue ramp and makes external financing a structural necessity rather than a strategic choice.
The funding talks
Bloomberg reported on September 15 that OpenAI has opened early discussions with investors about a new round that would value the company above $1.2 trillion. The Financial Times broke news of those talks first. Additional capital would buy flexibility to delay a planned initial public offering by one or two quarters, according to Bloomberg, and could also fund an expanded mergers-and-acquisitions program.
The IPO timeline
Chief executive Sam Altman told Fortune that a listing remains in preparation but will not take place this year. The company declined to comment on the cash-flow projections or the fundraising discussions.
What to watch
The scale of the projected deficit, nearly $56 billion a year on average, means any valuation above $1.2 trillion rests on investors accepting a multi-year runway of heavy losses. Terms of the next round, particularly the mix of primary and secondary shares and any ratchet provisions, will reveal how much leverage new backers demand for underwriting that burn.