Buying a nickel with a dime Leaked financial docs show OpenAI is losing billions of dollars a year Audited accounting shows growing revenues being dwarfed by R&D, other expenses. Kyle Orland – Jun 16, 2026 12:18 pm | 225 Live look at OpenAI analyzing its own financial information. Credit: Getty Images Live look at OpenAI analyzing its own financial information. Credit: Getty Images Text settings Story text Size Small Standard Large Width * Standard Wide Links Standard Orange * Subscribers only Learn more Minimize to nav As OpenAI files SEC paperwork ahead of an expected initial public stock offering, newly leaked financial documents show a company with quickly growing revenues that are currently being overwhelmed by even larger expenses. The audited financial statements, obtained by independent journalist Ed Zitron , show OpenAI’s reported revenue growing from $3.7 billion in 2024 to $13.07 billion in 2025. The Financial Times, which reviewed the same documents , writes that the company’s monthly revenues had grown to nearly $2 billion by the end of 2025, suggesting that its ongoing revenue rates continued to grow throughout the year.
R&D expenses alone still easily outpace OpenAI’s quickly growing revenues. Credit: Ars Technica R&D expenses alone still easily outpace OpenAI’s quickly growing revenues. Credit: Ars Technica But the company’s fast-growing revenues are still dwarfed by its even more significant expenses. OpenAI’s total revenues in both of the last two years were outpaced by research and development alone, which grew from a $7.81 billion line item in 2024 to a massive $19.18 billion cost in 2025.
Source: https://arstechnica.com/ai/2026/06/leaked-financial-docs-show-openai-is-losing-billions-of-dollars-a-year/
R&D expenses alone still easily outpace OpenAI’s quickly growing revenues. Credit: Ars Technica R&D expenses alone still easily outpace OpenAI’s quickly growing revenues. Credit: Ars Technica But the company’s fast-growing revenues are still dwarfed by its even more significant expenses. OpenAI’s total revenues in both of the last two years were outpaced by research and development alone, which grew from a $7.81 billion line item in 2024 to a massive $19.18 billion cost in 2025.
Source: https://arstechnica.com/ai/2026/06/leaked-financial-docs-show-openai-is-losing-billions-of-dollars-a-year/