OpenAI lost $38.5B in 2025, spending hit $34B, losses up nearly 8X

2025年OpenAI亏损额激增近8倍，支出高达340亿美元

Ed Zitron obtained audited OpenAI financials, independently verified by the FT. In 2025, OpenAI had $13.07B in revenue against $34B in costs, an operating loss of $20.92B. A $41.55B fair-value hit from the nonprofit-to-for-profit conversion pushed the net loss attributable to the company to $38.53B — nearly 8x the $5.09B loss in 2024. R&D alone was $19.18B, including $10.59B paid to Microsoft for training and cloud. Total 2025 payments to Microsoft reached $17.2B. SoftBank paid OpenAI $867M, Microsoft paid $303M. The post doesn't explain the $17.87B in costs removed via noncontrolling interests, so treat the headline loss with that caveat — but even the operating loss is staggering.

Why it matters: Ed Zitron obtained audited OpenAI financials, independently verified by the FT. $13.07B revenue against $20.92B operating loss, plus a $41.55B fair-value charge from the nonprofit-to-for-profit conversion, netting a $38.53B loss. R&D at $19.18B, inference costs at $10.59B, sta...