OpenAI's 2025 financials leak shows a $38.5 billion loss, lowering IPO odds; IPO by December 31, 2026 at 45.5% YES.

OpenAI projected $34 billion in spending on R&D, sales, and marketing in 2025 as it prepares for a potential $1 trillion IPO filing with the SEC.

Everything you need to know before you reach the office this morning.

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.

OpenAI's audited 2025 financials show $13.07B revenue and $34B in costs, with a $20.92B operating loss as the company prepares for its planned 2026 IPO.

OpenAI reportedly spent $3.7 billion in Q1 2026 despite generating $5.7 billion in revenue as it ramped up AI investments ahead of IPO.

Earlier this month, OpenAI said it had confidentially filed for a U.S. IPO

A combination of blogger Ed Zitron and the Financial Times reported that OpenAI’s 2025 financials look, well, pretty rough.