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OpenAI's Leaked Financials Reveal Soaring Losses as It Prepares to Go Public
The company took in $13 billion in revenue and posted a roughly $39 billion net loss as it prepares for a major public listing.
- OpenAI spent $34bn in 2025, more than two and a half times its revenue, as it prepares to file with the Securities and Exchange Commission for one of the largest public listings ever attempted.
- Revenue reached $13bn for the year, surpassing OpenAI's internal target of $10bn, yet remaining insufficient to offset the massive capital requirements for frontier artificial intelligence development.
- About $19bn went to research and development, while close to $6bn covered sales and marketing, with remaining expenditures spread across infrastructure and staffing required to run models at scale.
- Leaked financials reported by the Financial Times indicate a $39bn net loss for 2025, though the operating loss appears closer to $8bn when stripping out restructuring and non-cash charges.
- Backed by SoftBank and Nvidia, OpenAI closed a $122bn funding round at an $852bn valuation earlier this year and is now targeting an eventual public valuation of up to $1tn.
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Coverage Details
Total News Sources13
Leaning Left3Leaning Right1Center2Last UpdatedBias Distribution50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 33%
R 17%
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