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OpenAI is facing increased scrutiny over its financial outlook as reports point to slower revenue growth and rising infrastructure costs. The company, which is preparing for a possible public listing, is also dealing with concerns about user growth, subscription trends, and long-term spending commitments.
According to reports from The Wall Street Journal, internal discussions have focused on whether current earnings can support expanding computing and data center obligations. The company has also adjusted parts of its partnership terms with Microsoft while continuing to expand its infrastructure plans.
OpenAI Chief Financial Officer Sarah Friar has raised internal concerns that revenue growth may not be enough to match the company’s rising cost structure. These concerns are mainly linked to computing infrastructure expenses and long-term data center agreements. According to The Wall Street Journal, she noted internally that future payment commitments could become difficult if revenue does not increase at a faster pace.
Reports also state that OpenAI missed several monthly revenue targets earlier in the year. In addition, the company did not meet internal expectations for weekly active users, which included a target of one billion users within a set timeframe. Subscription churn also increased above expected levels during the same period.
In a joint statement, Chief Executive Officer Sam Altman and CFO Sarah Friar said, “This is ridiculous. We are totally aligned on buying as much compute as we can and working hard on it together every day.” The statement followed reports suggesting internal debate over spending levels and revenue forecasts.
OpenAI has seen steady revenue growth over the past few years, increasing from about $2 billion in 2023 to around $6 billion in 2024. Projections point to a possible revenue of approximately $25 billion by early 2026. At the same time, higher operating expenses and stronger competition are shaping expectations around future performance.
Competition in the artificial intelligence sector has also intensified. Firms such as Anthropic, along with Google’s Gemini models, have expanded their presence in the market. Reports suggest OpenAI has faced pressure in coding and enterprise tools, where some users are testing alternative AI systems. This change has been linked to slower adoption in certain areas, according to industry reports.
The Wall Street Journal also reported that ChatGPT’s growth slowed toward the end of last year. The report added that OpenAI did not reach its internal goal of one billion weekly active users. It also noted subscriber losses in parts of the consumer market, adding pressure on overall growth trends.
OpenAI has revised its long-term partnership structure with Microsoft, its largest investor. Under the updated arrangement, Microsoft no longer holds exclusive rights to OpenAI’s models or intellectual property. Instead, it holds a non-exclusive license through 2032 while continuing to provide cloud infrastructure through Azure.
The company has also outlined major long-term spending plans tied to computing infrastructure. Reports estimate that OpenAI could spend about $600 billion on computing capacity through 2030. Many of these agreements follow ‘take-or-pay’ terms where payment is required even if the full capacity is not used.
Financial projections from recent reports indicate that OpenAI’s cash burn could reach around $17 billion in 2026. A large portion of revenue is expected to go toward operational needs and infrastructure expansion. Total losses through 2029 are estimated to exceed $115 billion, based on spending patterns.
In a separate development, OpenAI completed a funding round in early 2026 valued at $122 billion. This round placed the company’s overall valuation at about $852 billion. Investor participation remains strong, even as the company faces higher cost pressure and slower growth trends across some business areas.
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