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

Recent leaked financial documents reveal that OpenAI is facing significant financial challenges, with losses reaching billions annually, despite a surge in revenue. As the company prepares for a potential initial public offering, its financial statements, reviewed by journalist Ed Zitron, indicate a dramatic rise in revenue from $3.7 billion in 2024 to an expected $13.07 billion in 2025. By the end of 2025, OpenAI's monthly revenue is projected to approach $2 billion, suggesting a consistent upward trend throughout the year. However, these impressive revenue figures are overshadowed by even greater expenses. In fact, research and development costs alone have skyrocketed from $7.81 billion in 2024 to an astounding $19.18 billion in 2025. This increase reflects the substantial investments OpenAI is making in developing new models, including a staggering $10.59 billion paid to Microsoft for R&D in the same year. Additionally, the costs associated with producing and distributing OpenAI's products have surged, with the 'cost of revenue' increasing from $2.65 billion in 2024 to $7.5 billion in 2025. This rise in costs likely correlates with the heightened computational demands as the company's models cater to a growing user base. Furthermore, sales and marketing expenses have also escalated, jumping from $1.11 billion in 2024 to $5.73 billion in 2025. Overall, OpenAI's operational losses have widened significantly, climbing from $8.78 billion in 2024 to $20.92 billion in 2025. This presents a troubling outlook for the organization, which aims to achieve profitability by 2030. Interestingly, when assessed as a percentage of revenue, the company's operating losses have slightly improved from 237 percent in 2024 to 160 percent in 2025, indicating some financial resilience amid its struggles.