Leaked financial docs show OpenAI is losing billions of dollars a year

As OpenAI files SEC paperwork ahead of an expected initial public stock offering, newly leaked financial documents show a company with quickly growing revenues that are currently being overwhelmed by even larger expenses. The audited financial statements, obtained by independent journalist Ed Zitron, show OpenAI’s reported revenue growing from $3.7 billion in 2024 to $13.07 billion in 2025.

The Financial Times, the company’s monthly revenues had grown to nearly $2 billion by the end of 2025, suggesting that its ongoing revenue rates continued to grow throughout the year. R&D expenses alone still easily outpace OpenAI’s quickly growing profits. OpenAI’s total revenues in both of the last two years were outpaced by research and development alone, which grew from a $7.81 billion line item in 2024 to a massive $19.18 billion cost in 2025. Those numbers seem to reflect the significant costs OpenAI incurred in training new models and include $10.59 billion in R&D costs paid to Microsoft alone in 2025.