Key facts
- OpenAI's 2025 revenue reached $13.07 billion, while total costs and expenses amounted to $34 billion.
- The company reported an operating loss of $20.92 billion for 2025.
- Research and development expenses were $19.18 billion in 2025, including $10.59 billion paid to Microsoft.
- Sales and marketing costs totaled $5.73 billion in 2025.
- Despite widening losses in absolute terms, operating losses as a percentage of revenue slightly improved in 2025.
- OpenAI holds approximately $25 billion in cash and equivalents.
Leaked financial documents indicate that OpenAI is experiencing significant operating losses despite rapid revenue growth. In 2025, the company reported revenues of $13.07 billion against total costs and expenses of $34 billion, resulting in an operating loss of $20.92 billion. This represents a widening of losses from $8.78 billion in 2024, although losses as a percentage of revenue slightly improved to 160% from 237% in the previous year.
Major expenses driving these losses include $19.18 billion for research and development and $5.73 billion for sales and marketing in 2025. A substantial portion of the R&D costs, $10.59 billion, was paid to Microsoft for infrastructure. The company aims to achieve profitability by 2030.
OpenAI is reportedly preparing for an initial public offering (IPO) and holds approximately $25 billion in cash and equivalents. The leaked financial statements offer a preview of the company's financial health ahead of potential public disclosure.