OpenAI's financial statements have leaked, revealing $21 billion in cumulative losses through 2025. Revenue was $13 billion, but R&D and marketing costs drove the losses.
OpenAI's financial statements leaked to blogger Ed Zitron and the Financial Times, showing $21 billion in cumulative losses through 2025 against $13 billion in revenue. In 2024, the company spent $2.37 for every $1 in revenue, improving to $1.60 in 2025.
OpenAI has filed with the SEC for an IPO expected later this year, so the leaked numbers offer a preview of the S-1. The two biggest expenses are R&D and marketing. Achieving profitability may require cost cuts, price increases, or new revenue streams.
The massive losses highlight the high cost of AI development. Cutting R&D is difficult because maintaining top model performance is critical for retaining customers. The financial disclosure ahead of IPO will be a key signal for investors.