OpenAI’s balance sheet leaked, and it’s hard to know what to think.
A combination of blogger Ed Zitron and the Financial Times reported that OpenAI’s 2025 financials look, well, pretty rough.
A few key (reported) numbers to turn over in your head:
In 2025, OpenAI’s revenue came out to $13.07 billion, up from $3.7 billion in 2024. That makes enough sense—ChatGPT, a consumer blockbuster, this month hit one billion global active monthly users. (The company was last valued at $852 billion.) More concerning are the company’s expenses and losses: In 2025, OpenAI’s total costs and expenses came out to a staggering $34 billion (up from $12.48 billion in 2024). Likewise, losses from operations reached $20.92 billion in 2025, up from $8.78 billion in 2024.
I’ll state the obvious: By any normal rules of accounting and expectations from giant companies, these numbers look bad. That’s especially true if you consider rival Anthropic, with its $965 billion valuation and annualized revenue run rate around $47 billion (losses and expenses remain distinctly unknown).
