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Blogger Ed Zitron and the Financial Times have obtained copies of OpenAI’s financial statements, which show steepening losses at the company. (OpenAI has filed with the SEC for an IPO expected later this year, so the numbers give us a taste of what the S-1 might say). Here’s what the numbers look like:
OpenAI 2025 financials versus 2024
Revenue: $13.07 billion up from $3.7 billion
Cost of Revenue: $7.5 billion up from $2.65 billion
Research and Development: $19.18 billion up from $7.81 billion
OpenAI's 2025 financials reveal $13B revenue, $34B costs ahead of planned IPO
OpenAI 2025 financials leaked: $39B loss ahead of IPO
Leaked financial docs show OpenAI is losing billions of dollars a year
OpenAI spent $34B on R&D, sales, and marketing ahead of IPO: FT
OpenAI burned through $34 billion last year
OpenAI Reportedly Torched $3.7 Billion In Q1, Lost $39 Billion Last Year — Now It's Weighing A Price War
OpenAI burned $3.7 billion in first quarter of 2026: Report
OpenAI burned $3.7bn in the first quarter, The Information reports
OpenAI burned $3.7 billion in first quarter of 2026, The Information reports
OpenAI spending hit $34 billion last year ahead of planned IPO: Report - The Economic Times
OpenAI's audited 2025 financials show $13.07B revenue and $34B in costs, with a $20.92B operating loss as the company prepares…
OpenAI's 2025 financials leak shows a $38.5 billion loss, lowering IPO odds; IPO by December 31, 2026 at 45.5% YES.
Audited accounting shows growing revenues being dwarfed by R&D, other expenses.
A combination of blogger Ed Zitron and the Financial Times reported that OpenAI’s 2025 financials look, well, pretty rough.
Hundreds of billions in datacenter computing deals are closely tied to OpenAI
The company anticipates burning through roughly $9 billion this year on $13 billion in sales, a cash burn rate of approximately…
