Overview
- The leaked audited statements obtained Tuesday by Ed Zitron and reviewed by the Financial Times show $13.07 billion in revenue for 2025, about $34 billion in total costs and a roughly $38.5–$39 billion net loss.
- A roughly $41.55 billion accounting charge tied to OpenAI’s switch from a nonprofit to a for‑profit structure is the main driver of the headline loss, and many analysts say underlying operational losses are closer to about $8 billion when that one‑time item is excluded.
- Research and development dominated spending at about $19.18 billion in 2025 while cost of revenue and sales and marketing ran about $7.5 billion and $5.73 billion respectively, reflecting steep training and inference bills.
- OpenAI confidentially filed an S‑1 with the SEC on June 8 and closed a reported $122 billion private funding round, leaving the company with a large cash cushion but prompting markets to reassess the timing and likely valuation of a public listing.
- The documents show OpenAI paid roughly $17.2 billion to Microsoft in 2025 for cloud and services, creating concentration risk as the company weighs aggressive API/token price cuts to compete with rivals such as Anthropic.