OpenAI financial data leak: 2025 revenue $13.07 billion, loss $20.92 billion

According to recently leaked financial documents, AI leader OpenAI generated $13.07 billion in revenue in 2025 but suffered an operating loss of $20.92 billion. The documents were obtained by blogger Ed Zitron and the Financial Times, and were cited by Fortune magazine. OpenAI has filed an IPO application with the U.S. Securities and Exchange Commission, expected to go public later this year, so these data may serve as a reference for the upcoming S-1 filing.

Financial Details

• The leaked financial data compares 2024 and 2025 performance:
• Revenue: Increased from $3.7 billion to $13.07 billion
• Cost of Revenue: Increased from $2.65 billion to $7.5 billion
• R&D Expenses: Increased from $7.81 billion to $19.18 billion
• Sales and Marketing Expenses: Increased from $1.11 billion to $5.73 billion
• General and Administrative Expenses: Increased from $907 million to $1.57 billion
• Total Costs and Expenses: Increased from $12.48 billion to $34 billion
• Operating Loss: Increased from $8.78 billion to $20.92 billion

Notably, the company's losses far exceed its revenue. However, looking at the ratio of losses to revenue, the situation has improved: in 2024, each dollar of revenue cost $2.37 in expenses; in 2025, that ratio dropped to $1.60.

Path to Profitability

OpenAI's two main expenditures are R&D and marketing. If the company can cut budgets in these areas while raising prices or developing new revenue streams, it may gradually turn a profit. However, cutting R&D spending is the most challenging, as an AI company must continuously generate the best models to retain customers.

As of June 16, 2026, OpenAI has not officially commented on the leaked financial data.