OpenAI 2025 financials leaked: $38.5B loss ahead of IPO

OpenAI lost $38.5 billion in 2025, according to audited financial documents obtained by a blogger and verified by the Financial Times. Revenue reached $13.07 billion, more than tripling from $3.7 billion in 2024, while total costs hit $34 billion. The net loss included a $41.55 billion charge from converting to a for-profit entity.