Leaked OpenAI financials show $38.5B loss and compute burn

8 hours ago

OpenAI reported a $38.53 billion net loss attributable to the company in 2025, with revenue of $13.07 billion and total costs and expenses of $34 billion.
The operating loss in 2025 was $20.92 billion, a significant increase from the $8.78 billion operating loss in 2024, despite revenue growing roughly 3.5 times.
OpenAI's cost structure included $19.18 billion in R&D, $7.5 billion in cost of revenue, $5.73 billion in sales and marketing, and $1.57 billion in G&A expenses in 2025.
Microsoft played a key role, with OpenAI paying $17.2 billion in expenses to Microsoft in 2025, including R&D and cost of revenue, and having $3.64 billion in liabilities to Microsoft.
OpenAI is pursuing an IPO after confidentially submitting a draft S-1 to the SEC, leveraging its $122 billion in committed capital and a $852 billion post-money valuation.
The company's restructuring into a for-profit entity (OpenAI Group PBC) controlled by the nonprofit OpenAI Foundation aimed to address capital needs but resulted in significant financial losses.
OpenAI's strategy focuses on heavy spending on compute and capital as a weapon to scale AI products, despite growing losses and an expanding cost base.

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