Leaked OpenAI IPO Documents Reveal Approximately $39 Billion Net Loss for FY2025, Revenue Grows 3.5x Year-on-Year

According to a report by the Financial Times, monthly revenue reached approximately $2 billion by the end of 2025, indicating continuous growth throughout the year.

However, revenue has not kept pace with expanding expenditures. Research and development (R&D) expenses increased from $7.81 billion in 2024 to $19.18 billion in 2025. This breakdown includes $10.59 billion in payments to Microsoft.

Cost of goods sold also expanded from $2.65 billion to $7.5 billion, and sales and marketing expenses grew from $1.11 billion to $5.73 billion. Consequently, operating losses swelled from $8.78 billion in 2024 to $20.92 billion in 2025.

Net losses jumped from approximately $5 billion in 2024 to approximately $39 billion in 2025. However, this figure includes accounting treatments associated with the company's transition to a for-profit corporation in 2025.

The Financial Times reported that this one-time loss amounted to approximately $30 billion, suggesting that the net loss for FY2025 would be approximately $8 billion if this were excluded.

OpenAI has suggested to investors that it will achieve profitability by 2030. Currently, the company is under pressure to curb the massive R&D costs associated with model training and to address ROI (return on investment) demands from enterprise customers.

Additionally, the necessity to lower subscription prices due to pressure from competitor Anthropic has been cited as a factor contributing to the expansion of short-term losses.