Leaked financial statements suggest OpenAI’s business has expanded sharply over the past two years, but the company is still spending far more than it brings in. The documents, reviewed by multiple outlets, show revenue rising from $3.7 billion in 2024 to $13.07 billion in 2025, while operating costs continued to climb at a faster pace.
The figures arrive as OpenAI has filed confidential paperwork with the U.S. Securities and Exchange Commission ahead of a possible initial public offering. The documents offer one of the clearest public glimpses yet into the economics behind the company’s rapid expansion.
According to the reported statements, research and development remained OpenAI’s largest expense by a wide margin. That line item increased from $7.81 billion in 2024 to $19.18 billion in 2025. The bulk of that spending appears tied to model training and related infrastructure, including $10.59 billion in R&D costs paid to Microsoft in 2025.
Other core business expenses also rose significantly. OpenAI’s cost of revenue, which covers the expense of delivering its products and services, grew from $2.65 billion in 2024 to $7.5 billion in 2025. Sales and marketing spending also jumped, from $1.11 billion to $5.73 billion over the same period.
Together, those costs pushed the company’s operating loss higher, from $8.78 billion in 2024 to $20.92 billion in 2025. On a percentage basis, the operating loss improved somewhat relative to revenue, falling from 237 percent to 160 percent, but the company was still far from profitability.
The leaked records also point to a much larger net loss in 2025, though that figure appears to include a major accounting charge tied to investor valuations and OpenAI’s conversion to a for-profit structure. The company’s reported net loss rose from just over $5 billion in 2024 to nearly $39 billion in 2025. The Financial Times, citing a person familiar with the matter, reported that the non-recurring charge was roughly $30 billion and that the company’s net loss would have been closer to $8 billion without it.
The numbers underscore the pressure on OpenAI as it tries to convert rapid user growth into a sustainable business. The company has said it hopes to become profitable by 2030, but the leaked documents suggest it still faces steep costs tied to model development, inference, and customer acquisition.
OpenAI is also contending with a shifting market. Enterprise buyers are increasingly scrutinizing usage-based AI pricing, while competition from rivals such as Anthropic may force the company to reduce subscription prices. That could keep margins under pressure even as revenue grows.
At the same time, OpenAI has trimmed some priorities. The company shut down its Sora video generation model in March, and Fidji Simo, OpenAI’s chief executive of applications, reportedly told staff around that time that the company would focus more closely on coding and business products.
OpenAI raised $122 billion in financing in March, valuing the company at $852 billion. It says ChatGPT has more than 900 million weekly active users, though only about 50 million are paying subscribers. The new financial disclosures suggest that despite that reach, the company still has a long way to go before its growth translates into profits.