Leaked audited financials show OpenAI had $13.07B revenue and $38.53B net loss in 2025. Operating loss reached $20.92B, up 2.4x from 2024, raising concerns ahead of its IPO.
Leaked audited financials for OpenAI show $13.07B in revenue and $38.53B net loss for 2025. Operating loss was $20.92B, up 2.4x from 2024.
OpenAI confidentially filed a draft S-1 with the SEC in June 2026, preparing for an IPO. In March 2026, it announced $122B in committed capital, $2B monthly revenue, and over 900M weekly active users. The leaked documents reveal massive compute costs and restructuring-related losses pressuring profitability.
The leak highlights OpenAI's challenge to balance revenue growth with cost control before its IPO. Even excluding one-time items like $41.55B in convertible interest valuation changes, the widening operating loss raises questions about the sustainability of its business model.
Comments debate whether OpenAI should be allowed to IPO despite massive losses. Some worry public markets will be left holding the bag, while others emphasize investor choice and free market principles. Index fund inclusion rules and the SpaceX precedent are also discussed.