OpenAI Leaked Financials Reveal Massive $38.5 Billion Annual Loss
OpenAI reported a net loss of $60.35 billion in 2025, according to financial documents obtained by critic Ed Zitron and verified by the Financial Times. While revenue climbed to $13.07 billion, the company’s deficit spiked due to massive R&D spending and a complex accounting shift as it converted to a for-profit entity.
Why is OpenAI’s burn rate increasing?
OpenAI’s losses jumped from $5.09 billion in 2024 to approximately $38.5 billion in 2025, according to figures analyzed by Ed Zitron. The surge stems largely from the cost of training new models and expanding infrastructure.
A significant portion of this spending goes to Microsoft. Zitron’s findings show OpenAI paid Microsoft $17.2 billion in 2025. Of that total, nearly $10.5 billion was earmarked specifically for research and development expenses.
How does OpenAI’s revenue match its spending?
The company’s revenue is growing, but it hasn’t kept pace with its expenditures. Revenue rose from $3.7 billion in 2024 to $13.07 billion in 2025, per Zitron’s report. This contradicts a previous claim cited by Reuters that the company achieved $20 billion in annualized revenue during 2025.
This gap suggests a reliance on external capital to sustain operations. The Wall Street Journal previously reported that OpenAI has pledged $1 trillion for data center buildouts, a figure that dwarfs its current annual earnings.
Will these losses affect OpenAI’s IPO?
OpenAI plans to go public later this year. While the burn rate is astronomical, the market often prioritizes theoretical growth over immediate profit. This trend is evident in other high-valuation tech firms.
Yahoo Finance reports that SpaceX remains unprofitable, yet its valuation continues to rise based on future projections like colonizing Mars. For OpenAI, the market may value the potential of AGI (Artificial General Intelligence) more than its current balance sheet.
Comparison: Reported vs. Adjusted Losses
| Metric | Zitron’s Figure | FT Adjusted Figure |
|---|---|---|
| 2025 Losses | $38.5 Billion | ~$8 Billion |
| Context | Total cash burn | Excluding one-time costs |
What happens next for AI funding?
The sustainability of this model depends on whether AI can generate revenue faster than it consumes compute power. If OpenAI can’t close the gap between its $13.07 billion revenue and its multi-billion dollar annual burn, it’ll need continuous infusions of venture capital or a massive IPO windfall.
Investors are now watching if the $1 trillion infrastructure plan mentioned by the Wall Street Journal is a viable roadmap or a financial risk that could destabilize the company before it reaches profitability.
Frequently Asked Questions
How much did OpenAI lose in 2025?
According to documents obtained by Ed Zitron, OpenAI lost approximately $38.5 billion, with a total net loss of $60.35 billion when including corporate conversion liabilities.
Is OpenAI profitable?
No. While revenue grew to $13.07 billion in 2025, the company continues to operate at a significant loss due to R&D and infrastructure costs.
How much does OpenAI pay Microsoft?
OpenAI paid Microsoft $17.2 billion in 2025, with $10.5 billion of that dedicated to research and development.
What do you think? Is the “theoretical profit” model sustainable for AI companies, or are we seeing a bubble? Share your thoughts in the comments below or subscribe to our newsletter for more deep dives into AI economics.