OpenAI's confidential financial documents, obtained by journalist Ed Zitron and reviewed by the Financial Times, show the company's revenue grew from $3.7 billion in 2024 to $13.07 billion in 2025, with monthly revenue nearing $2 billion by year-end. However, expenses rose even faster, with research and development costs alone reaching $19.18 billion in 2025—far exceeding total revenue.
These costs include $10.59 billion paid to Microsoft for model training. As OpenAI files SEC paperwork ahead of a planned initial public offering, the leaked data underscores that the company is losing billions of dollars annually.
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