Overview
- The audited 2025 statements obtained by Ed Zitron and reviewed by the Financial Times, published Tuesday, report $13.07 billion in revenue, about $34 billion in total costs, and a headline net loss of roughly $38.5 billion.
- A $41.55 billion non‑cash fair‑value charge tied to OpenAI's conversion from a nonprofit to a for‑profit entity drives most of the headline loss, and some analysts say underlying recurring losses are closer to $8 billion.
- Research and development was the largest expense at about $19.18 billion in 2025, with cost‑of‑revenue near $7.5 billion and sales and marketing about $5.73 billion, reflecting steep training and inference compute costs.
- The documents show deep financial ties with Microsoft, including roughly $17.2 billion paid by OpenAI in 2025 for R&D and cloud services, and those payments shape both OpenAI’s costs and revenue sharing.
- OpenAI has filed a confidential S‑1 and holds large cash reserves after a March funding round, and the company is weighing commercial moves such as API price cuts as investors press for a clearer path to sustained profitability.