Leaked financial docs show OpenAI is losing billions of dollars a year
摘要
泄露的审计财务文件显示，OpenAI 在为可能的 IPO 准备 SEC 材料的同时，收入从 2024 年的 37 亿美元增长到 2025 年的 130.7 亿美元，且到 2025 年底月收入接近 20 亿美元。与此同时，其成本增长更快：研发支出从 78.1 亿美元增至 191.8 亿美元，其中包括 2025 年向 Microsoft 支付的约 105.9 亿美元研发相关费用；“成本收入” 从 26.5 亿美元增至 75 亿美元，销售与市场费用从 11.1 亿美元增至 57.3 亿美元。整体运营亏损从 2024 年的 87.8 亿美元扩大到 2025 年的 209.2 亿美元，但亏损占收入比例从 237% 改善至 160%。公司目标是在 2030 年前实现盈利。
荐读理由
OpenAI 2025 R&D 达 191.8 亿美元（其中 105.9 亿付给微软）、营收 130.7 亿、运营亏损 209.2 亿且按营收 160% 的比例改善，这些是 AI 工程领域真实的技术与成本变化，能帮你判断创业投资的投入回报与可持续性。
原文
As OpenAI files SEC paperwork ahead of an expected initial public stock offering, newly leaked financial documents show a company with quickly growing revenues that are currently being overwhelmed by even larger expenses.
The audited financial statements, obtained by independent journalist Ed Zitron, show OpenAI’s reported revenue growing from $3.7 billion in 2024 to $13.07 billion in 2025. The Financial Times, which reviewed the same documents, writes that the company’s monthly revenues had grown to nearly $2 billion by the end of 2025, suggesting that its ongoing revenue rates continued to grow throughout the year.
&D expenses alone still easily outpace OpenAI’s quickly growing revenues.
R&D expenses alone still easily outpace OpenAI’s quickly growing revenues. Credit: Ars Technica
But the company’s fast-growing revenues are still dwarfed by its even more significant expenses. OpenAI’s total revenues in both of the last two years were outpaced by research and development alone, which grew from a $7.81 billion line item in 2024 to a massive $19.18 billion cost in 2025. Those numbers seem to reflect the significant costs OpenAI incurred in training new models and include $10.59 billion in R&D costs paid to Microsoft alone in 2025.
On top of that, OpenAI’s “cost of revenue” (i.e., the money spent producing and distributing the product) increased from $2.65 billion in 2024 to $7.5 billion in 2025. This cost line likely reflects the significant compute costs incurred at “inference time” as the company’s models respond to a growing number of user prompts. Costs associated with sales and marketing also grew from $1.11 billion in 2024 to $5.73 billion in 2025.
OpenAI’s operating loss is shrinking as a percentage of revenue, but there’s a long way to go before it becomes a profit.
OpenAI’s operating loss is shrinking as a percentage of revenue, but there’s a long way to go before it becomes a profit. Credit: Ars Technica
All told, OpenAI’s day-to-day “loss from operations” increased from $8.78 billion in 2024 to $20.92 billion in 2025, a concerning direction for a company that is telling investors it hopes to be profitable by 2030. But measured as a percentage of revenues, the company’s operating losses slightly improved year to year, from 237 percent in 2024 to 160 percent in 2025.
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