*Soundtrack: *In Flames - Colony

Also, if you have anythinwg to share - like, say, the audited financials or cloud spend of any major AI lab - please hit me up at ezitron.76 on Signal.

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Today, I can exclusively report, based on audited financial documents viewed by this publication that have been independently verified by the Financial Times, 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.

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