Leaked OpenAI Audited Financials: $13.07B Revenue, $34B Costs, $38.53B Net Loss in 2025
Where's Your Ed At (Ed Zitron)·high signal
Ed Zitron published OpenAI's audited 2024-2025 financials: 2025 revenue of $13.07B against $34B in costs, producing a $38.53B net loss — roughly 7.5x the $5.09B lost in 2024. R&D was $19.18B and cost-of-revenue (serving model outputs) jumped from $2.65B to $7.5B, with total payments to Microsoft hitting $17.2B and $5.02B spent on Azure inference in H1 2025 alone. The disclosure lands directly into OpenAI's IPO run-up and reframes the 'AI returns' debate around a loss curve mounting far faster than revenue.