Leaked financial documents show OpenAI's 2025 revenue surged to $13.07 billion, but R&D costs alone reached $19.18 billion, widening operating loss to $20.92 billion. The company aims for profitability by 2030 but faces continued heavy investment burdens.
Leaked audited financial statements of OpenAI reveal that while 2025 revenue grew to $13.07 billion, R&D costs alone reached $19.18 billion, cost of revenue $7.5 billion, and sales & marketing $5.73 billion, resulting in an operating loss of $20.92 billion. Net loss was approximately $39 billion, but about $30 billion of that is a one-time valuation charge related to the for-profit conversion.
OpenAI is preparing SEC filings ahead of a potential IPO. The documents were obtained by independent journalist Ed Zitron. The company aims for profitability by 2030, but currently expenses far exceed revenue. Notably, R&D costs paid to Microsoft alone amounted to $10.59 billion in 2025.
OpenAI's massive losses highlight the high barriers and operational costs in the AI industry. While revenue growth outpaces cost growth, achieving profitability will take time. Investors must assess whether they are willing to bear these financial burdens, making this a critical test for the sustainability of AI business models.
HN comments criticize this article as blogspam that adds nothing to Ed Zitron's original post and the Financial Times article, noting that the same topic was already discussed extensively two days ago. The community expresses fatigue over duplicate submissions and directs readers to the original source for the actual discussion.