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Leaked OpenAI financials show $38.5B loss and compute burn

Leaked OpenAI financials put a hard number on Altman's compute burn

runtimewire.com

June 17, 2026

5 min read

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59/100

Summary

OpenAI lost $38.53 billion in 2025, with $13.07 billion in revenue, according to leaked audited financial documents. These figures provide specific insights into the company's financial performance amidst the AI financing cycle.

Key Takeaways

OpenAI reported a net loss of $38.53 billion in 2025, with total revenues of $13.07 billion and total costs of $34 billion.
The operating loss for OpenAI in 2025 was $20.92 billion, an increase from an $8.78 billion operating loss in 2024.
OpenAI's spending included $19.18 billion on research and development and $7.5 billion on the cost of revenue in 2025.
OpenAI paid Microsoft $17.2 billion in expenses in 2025, which included $10.59 billion for research and development.

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Community Sentiment

Mixed

Positives

OpenAI's revenue of $13 billion in 2025 reflects impressive growth from its early days as a research lab, indicating strong market demand for AI solutions.
The potential for AI to disrupt labor markets suggests a massive economic opportunity, positioning OpenAI as a critical player in future economic shifts.
If OpenAI can maintain its current R&D spending while scaling its operations, it could achieve profitability sooner than expected, indicating a sound investment.
The ongoing development of models like GPT-5.5 showcases OpenAI's commitment to advancing AI capabilities, which could solidify its market leadership.

Concerns

The reported $38.5 billion loss raises significant concerns about OpenAI's financial sustainability and the viability of its business model in a competitive landscape.
Increased competition from local and Chinese AI models could threaten OpenAI's revenue growth, suggesting that its current market position may not be secure.
The reliance on government contracts for revenue could jeopardize OpenAI's financial health if those contracts were to diminish or disappear.