According to Fortune, a leaked financial document has revealed the true operating picture of OpenAI for its FY2025. The data shows OpenAI generated $13.07 billion in annual revenue — a sharp jump from $3.7 billion the previous year — but posted a net loss of $21 billion over the same period. The leak arrives as OpenAI has already submitted an IPO filing to the SEC, with a public listing expected later this year, leading many to believe these figures will be reflected in its forthcoming prospectus.
On the cost side, spending has skyrocketed. Cost of revenue rose from $2.65 billion to $7.5 billion, largely driven by inference compute and infrastructure; R&D expenses jumped from $7.81 billion to $19.18 billion, covering model training and talent retention; and sales and marketing costs surged from $1.11 billion to $5.73 billion as the company competes for enterprise customers and developer ecosystem. One positive sign: the loss-to-revenue ratio is narrowing. In FY2025, OpenAI spent $1.60 for every dollar of revenue, down from a higher ratio in the prior year.
