OpenAI lost $38.5B on $13B revenue in 2025, leaked financials show

Audited financials obtained by journalist Ed Zitron and independently verified by the Financial Times show OpenAI lost about $38.5B in 2025 on $13.07B in revenue, up from $3.7B revenue and $5.09B loss in 2024. R&D alone hit $19.18B, including $10.59B paid to Microsoft. Total spending reached roughly $34B. Monthly revenue ended the year near $2B, suggesting continued strong growth. FT reports most of the $38.5B loss stems from a one-time, non-cash $30B accounting charge tied to OpenAI's corporate restructuring; stripping it out leaves an underlying loss closer to $8B. The leak lands days after OpenAI filed confidential IPO paperwork targeting a $1T+ valuation.

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