Leaked OpenAI filing shows $21 billion loss despite $13 billion revenue surge
A leaked filing reveals OpenAI posted a $21 billion operating loss for 2025 while revenue rose to $13.07 billion, highlighting a widening gap between costs and sales.
Leaked financial statements indicate OpenAI's 2025 revenue reached $13.07 billion, a substantial increase from $3.7 billion in 2024. However, total costs surged to $34 billion, driven mainly by $19.18 billion in research and development and $5.73 billion in sales and marketing, resulting in an operating loss of $20.92 billion, up from $8.78 billion the prior year. Although the expense-to-revenue ratio fell from $2.37 to $1.60 per dollar, the company remains far from profitability.
The figures were disclosed in documents filed with the SEC as part of OpenAI's upcoming IPO filing. Analysts note that cutting R&D would be difficult for an AI firm that must maintain cutting-edge models, leaving pricing and new revenue streams as the primary paths to future profit.
