OpenAI’s financials have leaked, showing $21 billion in losses against $13 billion in revenue

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OpenAI’s financials have leaked. We have the details.

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OpenAI’s financials have leaked, revealing $21 billion in losses

Blogger Ed Zitron and the Financial Times have obtained copies of OpenAI’s financial statements, which show steepening losses at the company. (OpenAI has filed with the SEC for an IPO expected later this year, so the numbers give us a taste of what the S-1 might say). Here’s what the numbers look like:

OpenAI 2025 financials versus 2024

Revenue: $13.07 billion up from $3.7 billion

Cost of Revenue: $7.5 billion up from $2.65 billion

Research and Development: $19.18 billion up from $7.81 billion

Sales and Marketing: $5.73 billion up from $1.11 billion

General and Administrative: $1.57 billion up from $907 million

Total Costs and Expenses: $34 billion up from $12.48 billion

Loss from Operations: $20.92 billion up from $8.78 billion

Notably, the company’s losses far outstrip its sales. On the bright side, losses as a percentage of sales are in decline. In 2024, the company spent $2.37 to generate every $1 in revenue. In 2025, that ratio declined to $1.60 in expenses for every dollar it took in.

Is there a path to profitability? Maybe. OpenAI’s two biggest expenses are R&D and marketing. Budget cuts there, coupled with an ability to raise prices or win new sources of revenue, could see the company move into the black over time. Cutting R&D would be the most difficult part of that, given that AI companies can only hold onto their customers by generating the best-performing models.

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In small-town Texas, AI data center development pits neighbor against neighbor

Last summer, Infrakey purchased a 520-acre plot of unincorporated land in Texas for a proposed $10 billion AI data center. Ross, with a population of just 200 and no taxing authority, sits next to the site. Lacy Lakeview—seven miles south but with a legal claim on the land—is moving to annex the site to collect $50 million a year in taxes. This has created growing tensions between the neighboring communities over who gets the benefits, who absorbs the consequences, and who ultimately gets a say. Read more:

When AI Comes to Town: The Data Center Boom - Sharon Goldman

Two mayors, one $10 billion AI data center, and a growing divide in small-town Texas - Sharon Goldman

Data center hate is snowballing, and construction setbacks in the first three........

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