Leaked audited financial documents show OpenAI posted a $38.5 billion net loss for the 2025 fiscal year [1].
These figures emerge as the company prepares for a planned initial public offering. The scale of the loss highlights the immense cost of developing artificial intelligence and the company's heavy reliance on external infrastructure to maintain its operations.
According to the leaked data, OpenAI generated between $13 billion [1] and $13.07 billion [6] in revenue during 2025. However, this income was offset by total spending that reached $34 billion [4].
A significant driver of the deficit was a non-cash restructuring charge totaling $41.55 billion [6]. This accounting adjustment contributed heavily to the final net loss figure reported in the audit [3].
The documents also expose the company's deep integration with Microsoft. OpenAI's dependency on Azure services cost the company $17 billion [2]. This expenditure underscores the technical and financial ties between the AI developer and its primary cloud provider.
OpenAI has not issued a formal statement regarding the leaked documents. The reports were made public earlier this month, surfacing just as the company evaluates its path toward becoming a public entity [3].
“OpenAI posted a $38.5 billion net loss for the 2025 fiscal year”
The gap between OpenAI's revenue and its operational costs suggests that the current AI business model requires massive capital injections to sustain growth. The $41.55 billion restructuring charge may soften the blow for investors by being a non-cash event, but the $17 billion Azure cost proves that OpenAI cannot yet decouple its success from Microsoft's infrastructure.
