OpenAI spent $34 billion in the past year, with $19 billion on R&D and $6 billion on sales and operations. Despite huge costs, capital continues to flow as the company advances its IPO, which is expected to value it over $1 trillion. The spending highlights the high capital barriers in AI development, with computing and talent costs dominating. The shift from non-profit to commercial structure and IPO submission mark a critical phase in the global AI arms race.