OpenAI’s financials reveal massive losses ahead of planned IPO

Leaked financial documents obtained by tech commentator Ed Zitron and verified by the Financial Times show that OpenAI’s losses surged dramatically in 2025, reaching about $38.5 billion compared to $5.09 billion the year before.

While revenue grew from $3.7 billion in 2024 to $13.07 billion in 2025, the company is still far from covering its massive expenses, including $17.2 billion paid to Microsoft for infrastructure and R&D.

Accounting complexities tied to OpenAI’s transition from a non-profit to a for-profit entity added tens of billions in paper losses, though FT estimates the “real” loss at around $8 billion. Even so, OpenAI’s burn rate remains enormous as it invests heavily in model training and data center expansion.

With an IPO expected later this year, investors will soon get a clearer picture of the company’s finances, though current market conditions suggest that profitability may matter less than growth potential.

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