OpenAI Financial Data Leak: $21 Billion Loss on $13 Billion Revenue

According to leaked financial data reported by Fortune, OpenAI recorded a net loss of $21 billion in fiscal 2025, with revenue of $13.07 billion over the same period. The AI giant has submitted an IPO application to the U.S. Securities and Exchange Commission, expected to go public later this year. These leaked financial details are viewed as a “preview” of its S-1 filing.

The data show that OpenAI’s revenue surged from $3.7 billion in the prior year to $13.07 billion, an increase of over 250%. However, costs grew even faster: cost of revenue rose from $2.65 billion to $7.5 billion; R&D spending jumped from $7.81 billion to $19.18 billion, becoming the primary driver of losses; sales and marketing expenses also climbed from $1.11 billion to $5.73 billion. Despite the staggering absolute loss figure, the loss-to-revenue ratio is narrowing—in fiscal 2025, OpenAI spent $1.60 for every $1 earned, an improvement over previous periods.

Comment & Outlook: OpenAI remains in a classic tech expansion phase of “burning cash for growth,” with R&D spending accounting for the largest share, reflecting its ambition in frontier models. As the IPO approaches, investors must weigh the company’s technological moat against the sustainability of continued losses. If the loss ratio continues to improve, the market may offer greater tolerance.