OpenAI's leaked financials show $21B in losses on $13B revenue, though loss ratio improves
By
Jim Edwards
Summary
OpenAI's leaked financial statements reveal the company incurred $21 billion in losses against $13 billion in revenue in 2025, though losses as a percentage of sales are improving. In 2024, the company spent $2.37 for every $1 earned, which dropped to $1.60 in expenses per dollar of revenue in 2025. The financial data, obtained by blogger Ed Zitron and the Financial Times, comes ahead of OpenAI's expected SEC filing for an IPO later this year.
Source
bskyOpenAI's leaked financials show $21B in losses on $13B revenue, though loss ratio improvesfortune.comKey quotes
· 3 pulledOpenAI's financial statements show steepening losses at the company, according to copies obtained by blogger Ed Zitron and the Financial Times.
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
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.
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