Author: Ed Zitron
Compiled by Deep潮 TechFlow
Deep潮 Summary: OpenAI’s audit financial statements have been revealed for the first time, showing losses far exceeding external expectations. In 2025, losses surged from $5.1 billion the previous year to $38.5 billion, with R&D expenses reaching $19.2 billion, while Microsoft collected $17.2 billion in fees from OpenAI in a single year. How far is this $100 billion-valued AI star company from profitability?
Today, I can exclusively report, based on audited financial documents reviewed by this publication and independently verified by the Financial Times, that OpenAI incurred a loss of approximately $38.5 billion in 2025, along with other key details regarding the company’s financial condition.
Given the seriousness of this report, I won’t offer much commentary, as the numbers speak for themselves.
OpenAI incurred a loss of $5.1 billion in 2024.
In 2024—OpenAI generated $3.7 billion in revenue, with costs and expenses totaling $12.4 billion, resulting in a net loss attributable to the company of $5.1 billion.
OpenAI's financial statements tell the story of a company with staggering losses.
Revenue: $3.7 billion
Cost of revenue: $2.65 billion
R&D: $7.81 billion
Sales and Marketing: $1.11 billion
General and Administrative: $907 million
Total cost and expenses: $12.48 billion
Operating loss: $8.78 billion
Other factors, including interest income and interest expense, resulted in a net loss of $8.84 billion. It then classified $3.74 billion of the loss as "net loss attributable to non-controlling interests," leaving a net loss attributable to the company of $5.1 billion.
It is currently unclear what this means or how OpenAI adjusted for the removal of $3.74 billion in costs. I will not speculate further.
OpenAI incurred a loss of $38.5 billion in 2025.
In 2025—OpenAI revenue of $13.07 billion, costs and expenses of $34 billion, a loss of $20.92 billion, and a net loss attributable to the company of $38.53 billion.
Revenue: $13.07 billion
Cost of revenue: $7.5 billion
R&D: $19.18 billion
Sales and Marketing: $5.73 billion
General and Administrative: $1.57 billion
Total costs and expenses: $34 billion
Operating loss: $20.92 billion
Please note that 2025 was the year OpenAI transitioned from a nonprofit to a for-profit entity, resulting in a $41.55 billion loss due to changes in the fair value of convertible instruments and warrant liabilities.
Considering other minor factors such as interest income and interest expense, OpenAI’s net loss of $60.35 billion was reduced to $38.53 billion by removing $17.87 billion through "net loss attributable to noncontrolling interests" and an additional $3.95 billion through "net loss attributable to redeemable noncontrolling interests."
Ultimately, OpenAI's net loss attributable to 2025 was $38.5 billion.
At year-end, OpenAI held assets of just over $50 billion, nearly half of which was cash.
In 2025, SoftBank paid $867 million to OpenAI, and Microsoft paid $303 million.
In 2025, SoftBank paid $867 million to OpenAI. Microsoft paid $303 million.
The filing disclosed how much OpenAI paid Microsoft for services. In the 2025 calendar year, OpenAI paid Microsoft $10.59 billion for "research and development" expenses. We believe this likely refers to the cost of training OpenAI models.
The document also mentions $6.047 billion in costs related to "cost of revenue," $527 million in sales and marketing expenses, and $420 million in "general and administrative expenses." In total, OpenAI paid Microsoft $17.2 billion.
According to the data, as of the end of the calendar year, OpenAI had a $3.64 billion liability to Microsoft, along with $21 million in "accrued expenses and other current liabilities." The documents also mention an additional $58 million in non-current liabilities.
Further instructions
I plan to follow up on this story next month with a more in-depth report related to these documents. The files are detailed, and I need time to fully analyze them. Once I’m done, you’ll know.
OpenAI's financial situation is deeply concerning. A loss of $38.53 billion is astronomical and far exceeds most people's expectations. The losses also appear to be growing at an alarming rate year over year, and I'm unsure how the company will find a path to any form of sustainability or profitability.
As mentioned earlier, I didn't make many comments today. I believe the best thing I can do for the public is to convey this message as clearly and concisely as possible.