OpenAI’s Losses Swelled to $38.5B in 2025 Despite $13B Revenue Surge

Key Takeaways

• OpenAI’s net loss reportedly surged to $38.5 billion in 2025 despite revenue reaching $13.07 billion
• Research and development spending alone climbed to $19.18 billion, shedding light on the cost of competing in the AI race
• OpenAI continues expanding aggressively, with reports that Gemini co-lead Noam Shazeer is joining the company from Google

OpenAI’s financials, leaked this week, gave the world a look inside the company behind ChatGPT. Revenue climbed to $13.07 billion in 2025 from $3.7 billion a year earlier, according to audited documents reviewed by the Financial Times. Despite this, OpenAI ended the year deep in the red. As the company quietly preps for an IPO, the leaked figures show where all the money is going.

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OpenAI Spent More on Research Than It Made in Revenue

OpenAI’s revenue story is notable on its own. Few technology companies have ever added nearly $10 billion in annual revenue in a single year. But the spending tells a whole different story.

The documents show OpenAI spent roughly $34 billion across its business in 2025. Research and development alone reached $19.18 billion. This is more than the company’s entire revenue base. The figure shows the enormous cost of training new models and staying competitive in a market where every major player is chasing the next breakthrough.

The company’s cost of revenue rose to $7.5 billion from $2.65 billion a year earlier. Meanwhile, sales and marketing expenses jumped to $5.73 billion. Together, those costs pushed operating losses to $20.92 billion. In addition, the percentage of revenue fell from 237% to 160%.

The headline number was even larger. OpenAI reportedly recorded a net loss of roughly $38.5 billion in 2025. This is even though reports indicate a large portion came from a one-time accounting charge tied to the company’s restructuring efforts.

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Investors May Care More About Growth Than Losses

Despite the eye-popping losses, the leaked documents contain a statistic that could matter more to investors. In 2024, OpenAI spent about $2.37 for every dollar of revenue it generated. By 2025, the figure had improved to roughly $1.60. The company is still losing money, but revenue is growing faster than expenses.

Amidst this, OpenAI seems to be doubling down rather than pulling back. This week, reports emerged that Gemini co-lead Noam Shazeer is leaving Google to join OpenAI, another sign that the fight for AI talent remains as intense as ever.

It should be noted that OpenAI’s profitability remains a long-term goal and not a near-term reality. Despite this, the leaked financials show a company willing to spend heavily to secure its position at the center of the AI industry. But the real question is whether these efforts pay off.

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