OpenAI filed SEC paperwork ahead of an expected initial public stock offering as newly leaked audited financial documents revealed the company's revenues grew from $3.7 billion in 2024 to $13.07 billion in 2025, but were overwhelmed by even larger expenses. The financial statements, obtained by independent journalist Ed Zitron and reviewed by the Financial Times, showed monthly revenues reached nearly $2 billion by the end of 2025. Despite rapid revenue growth, the company's total expenses significantly outpaced income, driven primarily by research and development costs that ballooned from $7.81 billion in 2024 to $19.18 billion in 2025. OpenAI has told investors it hopes to achieve profitability by 2030.
OpenAI Revenue Climbed to $13.07 Billion in 2025
The audited financial statements showed OpenAI's reported revenue growing from $3.7 billion in 2024 to $13.07 billion in 2025. The Financial Times, which reviewed the same documents, reported that the company's monthly revenues had grown to nearly $2 billion by the end of 2025, indicating ongoing revenue rate growth throughout the year.
R&D Expenses Reached $19.18 Billion in 2025
OpenAI's research and development expenses alone outpaced total revenues in both 2024 and 2025, growing from a $7.81 billion line item in 2024 to $19.18 billion in 2025. These figures reflected the significant costs OpenAI incurred in training new models and included $10.59 billion in R&D costs paid to Microsoft alone in 2025.
The company's cost of revenue—money spent producing and distributing the product—increased from $2.65 billion in 2024 to $7.5 billion in 2025. This cost line likely reflected significant compute costs incurred at inference time as the company's models responded to a growing number of user prompts. Sales and marketing costs also grew from $1.11 billion in 2024 to $5.73 billion in 2025.
Operating Loss Totaled $20.92 Billion in 2025
OpenAI's loss from operations increased from $8.78 billion in 2024 to $20.92 billion in 2025. Measured as a percentage of revenues, the company's operating losses slightly improved year to year, from 237 percent in 2024 to 160 percent in 2025.
FAQ
How much did OpenAI's revenue grow from 2024 to 2025?
OpenAI's revenue grew from $3.7 billion in 2024 to $13.07 billion in 2025, according to leaked audited financial statements obtained by independent journalist Ed Zitron and reviewed by the Financial Times. Monthly revenues reached nearly $2 billion by the end of 2025.
What were OpenAI's largest expenses in 2025?
Research and development represented OpenAI's largest expense category at $19.18 billion in 2025, including $10.59 billion paid to Microsoft. Cost of revenue totaled $7.5 billion in 2025, while sales and marketing costs reached $5.73 billion.
Did OpenAI's operating loss improve relative to revenue in 2025?
Yes. While OpenAI's absolute operating loss increased from $8.78 billion in 2024 to $20.92 billion in 2025, the loss as a percentage of revenue improved from 237 percent in 2024 to 160 percent in 2025.
