Leaked financial documents reveal OpenAI posted $13.07 billion in revenue for 2025 while burning through $20.92 billion in operating losses, highlighting the steep costs of AI development. Despite rapid revenue growth from $3.7 billion the previous year, the company's expenses far outpaced income, with research and development consuming $19.18 billion. Microsoft emerged as a major cost center, receiving $10.59 billion in R&D payments as OpenAI invests heavily in next-generation model training.

The company's cost structure reveals the economics of scaling AI systems. R&D expenses alone exceeded total revenue, while cost of revenue jumped from $2.65 billion to $7.5 billion. Sales and marketing costs surged from $1.11 billion to $5.73 billion, reflecting aggressive expansion efforts. These investments suggest OpenAI prioritized growth over profitability, building infrastructure for an anticipated IPO that would value the company at $100 billion or more.

While operating losses improved as a percentage of revenue from 237% to 160%, OpenAI still faces massive burn rates. The financials show a company betting heavily on future returns, with monthly revenues approaching $2 billion by late 2025. However, the path to profitability remains unclear given current spending patterns that prioritize model development over sustainable margins.