OpenAI’s Audited Financial Report: $38.5 Billion Loss in 2025, $19.2 Billion Spent on R&D, and $17.2 Billion Collected by Microsoft in One Year
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OpenAI’s Audited Financial Report: $38.5 Billion Loss in 2025, $19.2 Billion Spent on R&D, and $17.2 Billion Collected by Microsoft in One Year
OpenAI’s net loss in 2025 reached $38.5 billion, surging over sixfold from $5.1 billion in 2024.
Navigating Web3 tides with focused insightsAuthor: Ed Zitron
Translated by TechFlow
TechFlow Intro: OpenAI’s audited financial statements have been disclosed for the first time—revealing losses far exceeding external expectations. Its 2025 net loss surged from $5.1 billion in the prior year to $38.5 billion; R&D expenses reached $19.2 billion; and Microsoft collected $17.2 billion in fees from OpenAI over the course of a single year. How far is this $100-billion-valued AI star from profitability?
Today, I can exclusively report—based on audited financial documents reviewed by this publication and independently verified by the Financial Times—that OpenAI incurred approximately $38.5 billion in losses in 2025, along with other key details about the company’s financial condition.
Given the gravity of this report, I will refrain from extensive commentary—the numbers speak for themselves.
OpenAI’s 2024 Net Loss: $5.1 Billion
2024—OpenAI generated $3.7 billion in revenue, incurred $12.4 billion in costs and expenses, and recorded a net loss attributable to the company of $5.1 billion.
OpenAI’s financial statements tell the story of a company suffering staggering 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: $0.907 billion
Total Costs and Expenses: $12.48 billion
Operating Loss: $8.78 billion
After accounting for other items—including interest income and interest expense—its net loss amounted to $8.84 billion. It then allocated $3.74 billion of that loss as “Net Loss Attributable to Noncontrolling Members’ Capital,” resulting in a net loss attributable to the company of $5.1 billion.
The meaning of this allocation remains unclear, as does how OpenAI adjusted to remove $3.74 billion in costs. I will not speculate further.
OpenAI’s 2025 Net Loss: $38.5 Billion
2025—OpenAI generated $13.07 billion in revenue, incurred $34 billion in costs and expenses, recorded an operating loss of $20.92 billion, and reported 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
Operating Loss: $20.92 billion
Note that 2025 marked the year OpenAI transitioned from a nonprofit to a for-profit entity. This structural shift triggered a $41.55 billion loss due to changes in the fair value of convertible equity instruments and warrant liabilities.
After factoring in other minor items—including interest income and interest expense—OpenAI’s net loss totaled $60.35 billion. This figure was reduced to $38.53 billion after deducting $17.87 billion classified as “Net Loss Attributable to Noncontrolling Members’ Capital” and an additional $3.95 billion classified as “Net Loss Attributable to Redeemable Noncontrolling Equity Interests.”
In final terms, OpenAI’s net loss attributable to the company in 2025 stood at $38.5 billion.
At year-end, OpenAI held just over $50 billion in assets, nearly half of which consisted of cash.
In 2025, SoftBank Paid OpenAI $867 Million; Microsoft Paid $303 Million
In 2025, SoftBank paid OpenAI $867 million. Microsoft paid $303 million.
The documents disclose how much OpenAI paid Microsoft in service fees. During the 2025 calendar year, OpenAI paid Microsoft $10.59 billion for “research and development” expenses—a figure widely understood to reflect the cost of training OpenAI’s models.
The documents also reference $6.047 billion in expenses related to “cost of revenue,” $527 million in sales and marketing expenses, and $42 million in “general and administrative expenses.” In total, OpenAI paid Microsoft $17.2 billion.
According to the data, OpenAI owed Microsoft $3.64 billion at year-end, plus an additional $21 million in “accrued expenses and other current liabilities.” The documents also list another $58 million in noncurrent liabilities.
Follow-Up Note
I plan to follow up on this story next month with a deeper analysis tied directly to these documents. They are highly detailed, and I need time to fully parse them. Once complete, you’ll be the first to know.
OpenAI’s financial condition is deeply concerning. A $38.53 billion net loss is astronomical—far exceeding most observers’ expectations. Moreover, these losses appear to be growing at an alarming annual pace, and I remain uncertain how this company might chart a path toward any form of sustainability or profitability.
As noted earlier, I’ve offered minimal commentary today. I believe the best service I can provide the public is to convey this information as clearly and concisely as possible.
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