Leaked documents reveal OpenAI's 2025 financials: $13.07B revenue, $38.53B net loss

According to Mars Finance, audited financial documents disclosed by technology critic Ed Zitron and verified by the Financial Times show that OpenAI generated $13.07 billion in revenue in 2025, but total costs and expenses reached $34 billion, resulting in an operating loss of $20.92 billion for the year. Due to OpenAI’s structural transition to a for-profit entity in that year, it incurred a fair value change loss of $41.55 billion on convertible equity and warrant liabilities. After accounting for interest and other factors, and excluding non-controlling interests, OpenAI’s final net loss attributable to the company in 2025 reached $38.53 billion. Comparative data from the filings reveal that OpenAI’s losses are sharply increasing year-over-year. In 2024, the company reported $3.7 billion in revenue, $12.48 billion in total costs, an operating loss of $8.78 billion, and a final net loss attributable to the company of $5.09 billion. In 2025, core expenses surged, with R&D costs rising to $19.18 billion, cost of revenue at $7.5 billion, and sales and marketing expenses at $5.73 billion. As of the end of 2025, OpenAI held slightly over $50 billion in assets, nearly half of which consisted of cash reserves. Additionally, the filings for the first time provide detailed disclosures of financial transactions between OpenAI and its key strategic partners. During 2025, SoftBank paid OpenAI $867 million, while Microsoft paid $303 million. Meanwhile, OpenAI paid Microsoft a total of $17.2 billion in service fees during the 2025 calendar year—$10.59 billion classified as R&D expenses (commonly believed to cover model training costs) and $6.047 billion tied to cost of revenue. As of the end of 2025, OpenAI still owed Microsoft approximately $3.64 billion.