Leaked Documents Detail OpenAI's Billions in Annual Losses Amid Revenue Growth
Recently leaked financial documents, identified as audited statements, reveal that OpenAI is incurring billions of dollars in losses annually despite its rapidly growing revenues. The reports indicate that the company's significant research and development expenses are substantially outpacing its income. These financial disclosures emerge as OpenAI reportedly files SEC paperwork in preparation for an anticipated initial public stock offering.
Leaked financial documents suggest that OpenAI is experiencing billions of dollars in annual losses, even as the company's revenues show rapid growth. These audited financial statements were reportedly obtained by independent journalist Ed Zitron and also reviewed by the Financial Times.
According to the documents, OpenAI's reported revenue increased from $3.7 billion in 2024 to $13.07 billion in 2025. The Financial Times noted that monthly revenues had neared $2 billion by the close of 2025, indicating continued revenue growth throughout the year.
However, the company's expenses, particularly in research and development (R&D), significantly outpaced this revenue growth. R&D expenses reportedly grew from $7.81 billion in 2024 to $19.18 billion in 2025. These substantial costs are attributed to the training of new models.
The figures also include a payment of $10.59 billion in R&D costs to Microsoft in 2025 alone. These financial details surface as OpenAI is reportedly filing SEC paperwork for an expected initial public stock offering.
(Source: Ars Technica)
