Audited financial statements obtained by independent journalist Ed Zitron show OpenAI's reported revenue grew from 3.7 billion US dollars in 2024 to 13.07 billion in 2025. The Financial Times, reviewing the same documents, put monthly revenue near 2 billion by year end. The costs are the story.
Research and development alone reached 19.18 billion in 2025, more than the company's entire revenue, and included 10.59 billion paid to Microsoft. OpenAI's operating loss widened to 20.92 billion, though as a share of revenue that improved from 237 per cent in 2024 to 160 per cent in 2025. The headline net loss ballooned to roughly 39 billion, but that figure carries a large accounting charge tied to the 2025 conversion to a for-profit structure.
OpenAI is telling investors it expects to be profitable by 2030, as it files SEC paperwork ahead of an IPO. The audited numbers show how much revenue still has to compound, and how fast costs have to stop, for that to land.