OpenAI's Financials Were Just Leaked -- You Won't Believe How Much the Company Is Losing

OpenAI's audited financials show operating losses hit $21 billion in 2025, a 138% surge from the prior year, even as revenue climbed 253% to $13.07 billion. The company burned cash across both R&D—which more than doubled to $19.18 billion—and sales and marketing, which expanded fivefold to $5.73 billion.

The leaked figures underscore the scale of OpenAI's spending race to maintain its lead in generative AI. Despite explosive top-line growth, the company isn't projected to reach profitability until at least 2030, complicating its planned IPO timeline. Competitor Anthropic is reportedly nearing breakeven, raising the stakes for OpenAI's ability to justify its valuation to public market investors.

The widening losses reflect the capital intensity of foundation model development and the cost of customer acquisition in an increasingly crowded market. OpenAI's path to an IPO now hinges on whether investors will accept prolonged losses in exchange for market share dominance.