OpenAI Losses Hit $38.5 Billion in 2025 as IPO Draft Filed
The leaked documents reveal the scale of OpenAI's spending as it pursues an IPO, with losses ballooning even as revenue triples, and a single $30 billion accounting charge tied to its for-profit restructuring dominating the 2025 bottom line.
Reporting from 1 sources: GIGAZINE.
Leaked audited financial documents obtained by independent journalist Ed Zitron show OpenAI's net loss attributable to the company reached $38.5 billion in 2025, up from $5.09 billion in 2024. Revenue grew from $3.7 billion to $13.07 billion over the same period, but operating expenses including $19.18 billion in R&D drove total spending to $41.55 billion. A one-time accounting charge of roughly $30 billion related to a for-profit transition accounts for most of the 2025 loss; excluding it, the net loss would be about $8 billion. OpenAI submitted a draft IPO registration statement to the SEC in June 2026.
OpenAI's financial losses deepened sharply in 2025 even as revenue more than tripled, according to audited financial statements obtained by independent journalist Ed Zitron and reviewed by the Financial Times. The documents show a net loss attributable to the company of $38.5 billion, up from $5.09 billion in 2024. Revenue rose from $3.7 billion to $13.07 billion, but operating expenses-led by $19.18 billion in research and development-totaled $41.55 billion. The Financial Times, citing a person familiar with the matter, reported that roughly $30 billion of the 2025 loss is a one-time accounting charge tied to changes in investor valuations as OpenAI announced plans to transition to a for-profit structure. Excluding that charge, the net loss would be about $8 billion, roughly 1.5 times the 2024 figure. OpenAI submitted a draft registration statement for an initial public offering to the SEC in June 2026. The company does not expect to become cash flow positive until 2029, when projected revenue exceeds $125 billion.
Synthesized by Yomimono from the 1 cited source below, including Japanese-language reporting where cited, then editorially reviewed before publishing.