Multiple outlets report that leaked, audited financial documents reviewed by journalists describe steep losses at OpenAI as it prepares for an initial public offering. Quartz and Ars Technica say the company spent about $34 billion in the prior year while generating about $13 billion in revenue, with losses increasing year over year. Ars Technica adds that revenues are dwarfed by research and development and other operating expenses. Inc. and other coverage frames the figures as significant for IPO planning, noting rapid revenue growth alongside substantial losses.
Slashdot and Medium report higher loss estimates—around $38.5 billion in 2025—based on the same body of audited information, but describe complications in how losses are presented. Both cite that a large, non-recurring accounting charge linked to changes in investor valuations around OpenAI’s 2025 shift to a for-profit structure significantly inflates the headline net-loss number. Slashdot further notes operating-loss increases from 2024 to 2025, while also stating that operating losses as a percentage of revenue may improve. Several outlets also mention OpenAI ending the year with more than $50 billion in assets, with roughly half in cash.
