Leaked financials show OpenAI lost $21 billion against $13 billion in revenue in 2025. The loss ratio is improving, but R&D and marketing costs remain the main drivers.
Leaked financial statements from OpenAI show $21 billion in losses against $13 billion in revenue for 2025. In 2024, the company spent $2.37 for every $1 of revenue, improving to $1.60 in 2025.
OpenAI has filed with the SEC for an IPO expected later this year, and the leak provides a preview of the S-1. Major expenses are R&D and marketing; cutting these or raising prices could improve profitability.
While losses are large, the improving ratio suggests a path to profitability is possible. However, cutting R&D could jeopardize model performance and customer retention in a competitive AI landscape.
Comments are highly critical of OpenAI's massive losses ($21B) and rising costs, comparing it to the dot-com bubble or 2008 financial crisis as hype-driven. A few note it's not bad given R&D and CapEx wars, but most are skeptical of the unprofitable business model.