Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion
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Audited financial documents, independently verified by the Financial Times, reveal OpenAI lost $38.5 billion in 2025, up dramatically from a $5.09 billion net loss in 2024. Total costs and expenses reached $34 billion, driven by $19.18 billion in R&D and $7.5 billion in cost of revenue. A $41.55 billion charge related to OpenAI's nonprofit-to-for-profit conversion pushed the gross net loss to $60.35 billion before accounting adjustments. OpenAI paid Microsoft $17.2 billion in total expenses during 2025, with $10.59 billion attributed to R&D — likely model training costs. SoftBank paid OpenAI $867 million and Microsoft paid $303 million. At year-end, OpenAI held just over $50 billion in assets, with roughly half in cash.
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OpenAI Lost $5.09 Billion In 2024OpenAI Lost $38.5 Billion In 2025OpenAI Was Paid $867 Million By SoftBank and $303 Million From Microsoft In 2025Further Notes277.7K Impressions13 Comments