Computing and data center expenses will drive a projected $278 billion in negative free cash flow for OpenAI between 2026 and 2030. A leaked company presentation seen by the Financial Times shows that the AI startup targets an investment of nearly $900 billion in infrastructure by the end of the decade, which would exhaust a $122 billion cash cushion raised in March by 2028.

Annual sales are projected to grow from $36 billion this year to $350 billion by 2030, totaling $840 billion in cumulative revenue. The firm, which saw annualized revenue top $40 billion in July, is in talks for a new funding round at a $1.2 trillion valuation after delaying an IPO it confidentially filed for in June.