OpenAI Losses Increased Nearly 8X In 2025, With Spending Hitting $34 Billion (wheresyoured.at)
(Thursday June 18, 2026 @11:00AM (BeauHD)
from the behind-the-scenes dept.)
An anonymous reader quotes a report from independent journalist Ed Zitron:
> Today, I can exclusively report, based on audited financial documents viewed by this publication that have been independently verified by the [1]Financial Times , that OpenAI [2]lost around $38.5 billion in 2025 , as well as other crucial details about the financial condition of the company. [...] At the end of the year, OpenAI had just over $50 billion in assets, with almost half of that in cash. [...] The financial condition of OpenAI is deeply concerning. $38.53 billion in losses are astronomical, and far higher than most believed it would be. Losses also appear to be mounting year-over-year at a dramatic rate, and I'm not sure how this company finds a way toward any kind of sustainability or profitability. As discussed, I have not editorialized much today. I believe the best thing I can do for the general public is to deliver this news as plainly as possible.
Ars Technica's Kyle Orland offers a more editorial take, writing:
> All told, OpenAI's day-to-day "loss from operations" increased from $8.78 billion in 2024 to $20.92 billion in 2025, a concerning direction for a company that is telling investors it [3]hopes to be profitable by 2030 . But measured as a percentage of revenues, the company's operating losses slightly improved year to year, from 237 percent in 2024 to 160 percent in 2025.
>
> Operating numbers aside, OpenAI's headline "net loss" number of just over $5 billion in 2024 ballooned to nearly $39 billion in 2025. But the 2025 number includes a significant accounting charge related to investor valuations that shifted amid the company's 2025 conversion to a for-profit structure. The Financial Times cites "a person familiar with the matter" in reporting that this non-recurring charge was approximately $30 billion and that OpenAI's 2025 net loss amounted to a more reasonable-looking $8 billion without it.
[1] https://www.ft.com/content/e15b0d7e-ff6b-4f16-ba7a-4068feddb828?syn-25a6b1a6=1
[2] https://www.wheresyoured.at/exclusive-openai-financials/
[3] https://news.slashdot.org/story/25/11/26/1842249/openai-needs-at-least-207-billion-by-2030-just-to-keep-losing-money-hsbc-estimates
> Today, I can exclusively report, based on audited financial documents viewed by this publication that have been independently verified by the [1]Financial Times , that OpenAI [2]lost around $38.5 billion in 2025 , as well as other crucial details about the financial condition of the company. [...] At the end of the year, OpenAI had just over $50 billion in assets, with almost half of that in cash. [...] The financial condition of OpenAI is deeply concerning. $38.53 billion in losses are astronomical, and far higher than most believed it would be. Losses also appear to be mounting year-over-year at a dramatic rate, and I'm not sure how this company finds a way toward any kind of sustainability or profitability. As discussed, I have not editorialized much today. I believe the best thing I can do for the general public is to deliver this news as plainly as possible.
Ars Technica's Kyle Orland offers a more editorial take, writing:
> All told, OpenAI's day-to-day "loss from operations" increased from $8.78 billion in 2024 to $20.92 billion in 2025, a concerning direction for a company that is telling investors it [3]hopes to be profitable by 2030 . But measured as a percentage of revenues, the company's operating losses slightly improved year to year, from 237 percent in 2024 to 160 percent in 2025.
>
> Operating numbers aside, OpenAI's headline "net loss" number of just over $5 billion in 2024 ballooned to nearly $39 billion in 2025. But the 2025 number includes a significant accounting charge related to investor valuations that shifted amid the company's 2025 conversion to a for-profit structure. The Financial Times cites "a person familiar with the matter" in reporting that this non-recurring charge was approximately $30 billion and that OpenAI's 2025 net loss amounted to a more reasonable-looking $8 billion without it.
[1] https://www.ft.com/content/e15b0d7e-ff6b-4f16-ba7a-4068feddb828?syn-25a6b1a6=1
[2] https://www.wheresyoured.at/exclusive-openai-financials/
[3] https://news.slashdot.org/story/25/11/26/1842249/openai-needs-at-least-207-billion-by-2030-just-to-keep-losing-money-hsbc-estimates