Leaked audited financial statements for OpenAI, obtained by independent journalist Ed Zitron and reviewed by the...

Leaked audited financial statements for OpenAI, obtained by independent journalist Ed Zitron and reviewed by the Financial Times, reveal that OpenAI's operating losses grew from $8.78 billion in 2024 to $20.92 billion in 2025, despite revenue increasing from $3.7 billion to $13.07 billion. Of particular concern for Microsoft is the $10.59 billion in R&D costs paid to Microsoft alone in 2025 as part of the companies' partnership, representing a significant portion of Microsoft's AI-related revenue. While OpenAI's revenue continues to grow—reaching nearly $2 billion monthly by end of 2025—its expenses are outpacing income, with total costs of revenue ($7.5B) and R&D ($19.18B) far exceeding sales. The company's path to profitability by 2030 appears uncertain. If OpenAI is forced to cut costs or restructure its agreement with Microsoft, it could reduce the compute and cloud revenue Microsoft currently books. The leak, while unverified in full, suggests a risk to the Microsoft-OpenAI partnership's financial sustainability. Source