OpenAI’s Financial Disclosures Unveil a Whopping $38.5B Loss in 2025
In a revelation that has sent shockwaves through Silicon Valley ahead of a much-anticipated IPO, audited financial records from OpenAI have been leaked. These documents, independently verified by the Financial Times, disclose that the creator of ChatGPT registered a net loss of $38.53 billion in 2025 — a figure that is approximately 7.5 times its $5.09 billion loss in 2024.
The leaked documents indicate that OpenAI’s revenue tripled year-over-year, hitting a high of $13.07 billion in 2025, a significant increase from $3.7 billion in 2024. Despite this impressive growth trajectory, total costs and expenses escalated to $34 billion. This was largely due to $19.18 billion spent on research and development alone. In 2025, the company paid Microsoft $17.2 billion for cloud computing and R&D support, while Microsoft reciprocated with a mere $303 million.
The staggering $38.5 billion loss is notably inflated by a $41.55 billion non-cash accounting charge associated with OpenAI’s transition from a nonprofit to a for-profit public benefit corporation in October 2025. When adjusted for this item, the operating loss was around $8 billion. These figures, however, paint a complex picture for potential investors. OpenAI has confidentially filed an S-1 with the SEC, aiming for a potential $1 trillion valuation in a 2026 IPO led by Goldman Sachs and Morgan Stanley. OpenAI declined to comment on the leaked figures.
Source: Yahoo Finance — OpenAI 2025 financials leaked: $38.5B loss ahead of IPO