Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion

Key Points:

• OpenAI reported a net loss attributable to the company of $5.09 billion in 2024, with $3.7 billion in revenue and $12.48 billion in total costs and expenses, including $7.81 billion in research and development.
• In 2025, OpenAI's financial losses surged dramatically to $38.53 billion, despite generating $13.07 billion in revenue and incurring $34 billion in costs and expenses; this year also marked its transition from a non-profit to a for-profit entity.
• OpenAI received $867 million from SoftBank and $303 million from Microsoft in 2025, while paying Microsoft $17.2 billion for services, primarily research and development, resulting in liabilities to Microsoft totaling approximately $3.7 billion at year-end.
• By the end of 2025, OpenAI held over $50 billion in assets, nearly half of which was cash, but the rapid increase in losses raises significant concerns about the company's financial sustainability and path to profitability.
• The reporting is based on independently verified audited financial documents, with further in-depth analysis of OpenAI’s financial condition expected in upcoming coverage.