Tài liệu bị rò rỉ tiết lộ tình hình tài chính năm 2025 của OpenAI: Doanh thu 13,07 tỷ USD, lỗ ròng 38,53 tỷ USD

The Huoxing Finance report, based on audited financial documents disclosed by technology critic Ed Zitron and verified by the Financial Times, shows 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 during the 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 documents indicate that OpenAI’s losses are sharply expanding year-over-year. In 2024, its revenue was $3.7 billion, total costs were $12.48 billion, operating loss was $8.78 billion, and the final net loss attributable to the company was $5.09 billion. By 2025, its core expenses saw research and development costs surge to $19.18 billion, cost of revenue reached $7.5 billion, and sales and marketing expenses amounted to $5.73 billion. As of the end of 2025, OpenAI held slightly over $50 billion in assets, nearly half of which were cash reserves. Additionally, the documents for the first time provided 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 as much as $17.2 billion in service fees during the 2025 calendar year, of which $10.59 billion was classified as research and development expenses (widely believed to cover model training costs), and $6.047 billion was tied to cost of revenue. As of the end of 2025, OpenAI still owed Microsoft approximately $3.64 billion.