Leaked OpenAI financials show revenue surging to $13B in 2025 while R&D and compute costs drive multibillion-dollar losses

Leaked audited financial statements reportedly show OpenAI revenue rising from $3.7 billion in 2024 to $13.07 billion in 2025, with monthly revenue nearing $2 billion by year-end. But expenses grew even faster, led by R&D costs of $19.18 billion and rising inference, sales, and marketing costs.

The figures highlight the core tension in generative AI: rapid customer demand is not yet translating into profitability because model training and serving costs remain enormous. As OpenAI prepares for a potential IPO, investors will likely focus on whether scaling revenue can outpace compute costs and reduce dependence on major infrastructure partners.