the game will be ready when its finished and thats the best way, too many games have released too early and that creates a negative image on the game, from the gamescon demo the game is progressing very nicely, all those who have donated should realize that there is no or a very small chance of getting a refund, if your donating funds to help the development of a game then its not the developers fault if your unhappy, it takes time to create a game of this magnitude and if your unable to wait then tough luck.
The game will get finished and will be launched when its ready and not any time before, the developers releases tons of information on patches and what they are up to so you know exactly where the money is going.
its pretty obvious what they spend the money on, its just like any other company and a game of this magnitude would cost more than the current donated funds so its likely they have some other backing to help support, 86.5 million dollars is not much money for a game of this scale.
I do think its possible for a early alpha of the PU to be ready by the end of 2016, while i want the game asap i would like many others prefer to wait until its as ready as it can be.