OpenAI lost $38.5 billion in 2025, according to audited financial documents obtained by blogger Ed Zitron and independently verified by the Financial Times, as the company moves toward a public listing.
The documents show revenue reached $13.07 billion in 2025, more than tripling from $3.7 billion in 2024
Total costs and expenses came to $34 billion, driven by $19.18 billion in research and development spending and $5.73 billion in sales and marketing. The operating loss for 2025 was $20.92 billion. The net loss widened to $38.5 billion after accounting for charges related to OpenAI’s conversion from a nonprofit to a for-profit entity, which produced a $41.55 billion loss tied to changes in the fair value of convertible interests and warrant liability.
In 2024, OpenAI posted a net loss attributable to the company of $5.09 billion on $3.7 billion in revenue, with total costs and expenses of $12.48 billion. The 2025 documents also detail OpenAI’s financial relationship with Microsoft. OpenAI paid Microsoft $10.59 billion for research and development expenses, $6.047 billion in cost-of-revenue charges, and additional amounts for sales, marketing, and administrative expenses, bringing total payments to Microsoft to $17.2 billion for the year.