OpenAI 2025 financials leaked: $38.5B loss ahead of IPO

Summary

OpenAI lost $38.5 billion in 2025 according to audited financial documents independently verified by the Financial Times, even as revenue more than tripled to $13.07 billion from $3.7 billion in 2024, with the net loss widened by a $41.55 billion charge tied to its nonprofit-to-for-profit conversion, offering prospective investors their clearest view of the company's books ahead of a potential IPO.

Market Impact

The leaked financials reveal the extraordinary cash burn underpinning the AI boom: OpenAI's $20.92 billion operating loss reflected $19.18 billion in R&D and $5.73 billion in sales and marketing spending, while the $38.5 billion net loss was driven largely by a $41.55 billion charge from changes in the fair value of convertible interests and warrant liability tied to its corporate restructuring. The documents detail deep entanglement with Microsoft, to which OpenAI paid $17.2 billion in 2025. With OpenAI valued at $852 billion after a $122 billion funding round, having pledged approximately $600 billion toward AI infrastructure through 2030, and serving 900 million weekly active users, the confidential S-1 filing positions it for what analysts expect could be one of history's most significant stock market debuts despite massive losses.

Why It Matters

OpenAI's $38.5 billion loss against tripling revenue exposes the scale of cash burn and infrastructure commitment driving the AI boom, giving investors their first audited view of the economics ahead of a landmark potential IPO.

Key Points

• OpenAI lost $38.5 billion in 2025 per audited documents verified by the Financial Times, with revenue more than tripling to $13.07 billion from $3.7 billion in 2024
• Total costs reached $34 billion including $19.18 billion in R&D and $5.73 billion in sales and marketing; the operating loss was $20.92 billion, with the net loss widened by a $41.55 billion charge from the nonprofit-to-for-profit conversion
• OpenAI paid Microsoft $17.2 billion in 2025; it held just over $50 billion in assets at year end, roughly half in cash
• OpenAI is valued at $852 billion after a $122 billion funding round, has pledged approximately $600 billion toward AI infrastructure through 2030, and filed a confidential S-1 with Goldman Sachs and Morgan Stanley leading

Key Entities

Evidence

OpenAI lost $38.5 billion in 2025, according to audited financial documents obtained by blogger Ed Zitron and independently verified by the Financial Times, as the company moves toward a public listing.

Supports: Confirms the net loss figure and its verification

The documents show revenue reached $13.07 billion in 2025, more than tripling from $3.7 billion in 2024. Total costs and expenses came to $34 billion, driven by $19.18 billion in research and development spending and...

Supports: Documents the revenue growth and cost structure

The company is currently valued at $852 billion following a $122 billion funding round closed earlier this year. ChatGPT supports more than 900 million weekly active users

Supports: Grounds the valuation and user scale ahead of the potential IPO