OpenAI Lost $20.92 Billion in 2025 Despite $13.07 Billion Revenue

According to audited financial documents obtained by independent journalist Ed Zitron and verified by Financial Times, OpenAI's operating loss reached $20.92 billion in 2025 despite revenues of $13.07 billion. Research and development expenses alone totaled $19.18 billion, far exceeding the company's total revenues. While the operating loss as a percentage of revenue improved from 237 percent in 2024 to 160 percent in 2025, OpenAI remains deeply unprofitable as it prepares for an expected initial public offering.
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