OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion

# Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion Source: [https://www.wheresyoured.at/exclusive-openai-financials/](https://www.wheresyoured.at/exclusive-openai-financials/) *Soundtrack:*[*In Flames \- Colony*](https://www.youtube.com/watch?v=cYolbxiOVdk&ref=wheresyoured.at) *To further support my independent journalism, please subscribe to my premium newsletter\. It’s $7 a month or $70 a year\. If you’re subscribed to the free newsletter and logged in, you should see at the bottom right hand corner of your screen a little circle you can click, and you’ll be able to sign up for premium\.* --- Today, I can exclusively report, based on audited financial documents viewed by this publication that have been[independently verified by the Financial Times](https://www.ft.com/content/e15b0d7e-ff6b-4f16-ba7a-4068feddb828?shareType=nongift&ref=wheresyoured.at), that OpenAI lost around $38\.5 billion in 2025, as well as other crucial details about the financial condition of the company\. Due to the seriousness of this story, I am not going to do very much editorializing, as the numbers speak for themselves\. ## OpenAI Lost $5\.09 Billion In 2024 ### 2024 — OpenAI Had $3\.7 Billion In Revenue, $12\.4 Billion In Costs and Expenses, and a net loss attributable to the company of $5\.09 Billion\. OpenAI’s financial statements tell the story of a company with incredible losses\. - **Revenue:**$3\.7 billion - **Cost of Revenue:**$2\.65 billion - **Research and Development:**$7\.81 billion - **Sales and Marketing:**$1\.11 billion - **General and Administrative:**$907 Million - **Total Costs and Expenses:**$12\.48 billion - **Loss from Operations:**$8\.78 billion Additional factors – including interest income and interest expense – left it with a net loss of $8\.84 billion\. It then marked $3\.74 billion of losses as “net loss attributable to noncontrolling members capital,” leaving the net loss attributable to the company as $5\.09 billion\. It’s unclear what this means, nor how OpenAI reconciled the removal of $3\.74 billion in costs\. I will not speculate further\. ## OpenAI Lost $38\.5 Billion In 2025 ### 2025 — OpenAI Had $13\.07 Billion In Revenue, $34 Billion In Costs and Expenses, and $20\.92 Billion In Losses, with a net loss attributable to the company of $38\.53 Billion - **Revenue:**$13\.07 billion - **Cost of Revenue:**$7\.5 billion - **Research and Development:**$19\.18 billion - **Sales and Marketing:**$5\.73 billion - **General and Administrative:**$1\.57 Billion - **Total Costs and Expenses:**$34 billion - **Loss from Operations:**$20\.92 billion Please note that 2025 was the year that OpenAI converted from a non\-profit to a for\-profit entity, leading to a $41\.55 billion loss due to changes in fair value of convertible interests and warrant liability\. Taking into account other minor factors like interest income and interest expense, OpenAI is left with a net loss of $60\.35 billion, which it lowered to $38\.53 billion by removing $17\.87 billion in costs via that “net loss attributable to noncontrolling members capital” and another $3\.95 billion via a “net loss attributable to redeemable noncontrolling interests\.” Ultimately, the net loss attributable to OpenAI in 2025 was $38\.5 billion\. At the end of the year, OpenAI had just over $50 billion in assets, with almost half of that in cash\. ## OpenAI Was Paid $867 Million By SoftBank and $303 Million From Microsoft In 2025 In 2025, SoftBank paid OpenAI $867 million\. Microsoft paid it $303 million\. The documents revealed how much OpenAI paid Microsoft for services\. In the 2025 calendar year, OpenAI paid Microsoft $10\.59 billion for “Research and development” expenses\. We believe this most likely refers to the cost of training OpenAI’s models\. The documents also mention a $6\.047 billion charge related to “cost of revenue,” a $527 million charge for sales and marketing, and $42 million in “general and administrative expenses\.” In total, OpenAI’s expenses to Microsoft amounted to $17\.2 billion\. According to the figures, OpenAI had liabilities to Microsoft of $3\.64 billion at the close of the calendar year, and additional $21 million in “accrued expenses and other current liabilities\.” The documents also mention a further $58 million in non\-current liabilities\. ## Further Notes I intend to follow up this story in the next month with more in\-depth reporting related to the documents\. The documents are detailed, and I need time to fully parse them\. Once I have done so, you’ll know\. The financial condition of OpenAI is deeply concerning\. $38\.53 billion in losses are astronomical, and far higher than most believed it would be\. Losses also appear to be mounting year\-over\-year at a dramatic rate, and I’m not sure how this company finds a way toward any kind of sustainability or profitability\. As discussed, I have not editorialized much today\. I believe the best thing I can do for the general public is to deliver this news as plainly as possible\. --- As I mentioned at the beginning, if you liked this piece, you should subscribe to my premium newsletter\. It’s $70 a year, or $7 a month, and in return you get a weekly newsletter that’s usually anywhere from 5,000 to 18,000 words, including vast, detailed analyses of[NVIDIA](https://www.wheresyoured.at/the-haters-guide-to-nvidia/),[Anthropic and OpenAI’s finances](https://www.wheresyoured.at/howmuchmoney/), and[the AI bubble writ large](https://www.wheresyoured.at/premium-the-haters-guide-to-the-ai-bubble-vol-2/)\. My Hater's Guides To the[SaaSpocalypse](https://www.wheresyoured.at/hatersguide-saas/),[Private Credit](https://www.wheresyoured.at/hatersguide-privatecredit/)and[Private Equity](https://www.wheresyoured.at/hatersguide-pe/)are essential to understanding our current financial system, and my guide to how[OpenAI Kills Oracle](https://www.wheresyoured.at/how-openai-kills-oracle/)pairs nicely with my[Hater's Guide To Oracle](https://www.wheresyoured.at/haters-guide-oracle/)\.