Reported OpenAI financials show revenue surge and steep losses
OpenAI’s reported 2025 results point to fast growth, high costs and new questions about how investors may value the AI company.
By Maya Lindqvist · Senior Technology Correspondent
3 min read
OpenAI’s reported 2025 financials show revenue rising sharply while losses widened, according to figures reported by blogger Ed Zitron and the Financial Times. The numbers matter because OpenAI has become one of the central companies in the AI boom, and Fortune reported that a public offering may be approaching.
According to those reports, OpenAI generated $13.07 billion in revenue in 2025, up from $3.7 billion in 2024. Fortune’s Allie Garfinkle linked that growth to ChatGPT’s scale, writing that the product reached one billion global monthly active users this month.
The expense side of the reported results was much larger. OpenAI’s total costs and expenses were reported at $34 billion in 2025, compared with $12.48 billion in 2024.
Reported operating losses also increased. According to Zitron and the Financial Times, OpenAI lost $20.92 billion from operations in 2025, up from $8.78 billion a year earlier.
Growth paired with heavy spending
Fortune reported that OpenAI was last valued at $852 billion. That valuation, set against the reported losses, puts the company’s spending plan under closer scrutiny as it tries to expand its lead in artificial intelligence.
Garfinkle wrote that the reported figures would look weak under conventional expectations for large companies. She also cautioned that the numbers came from leaks and that investors may get a fuller view if OpenAI moves toward an IPO and files formal financial documents.
The figures suggest a company adding revenue at a rapid pace while paying heavily for the infrastructure and development needed to compete in advanced AI. Fortune described OpenAI as a business burning through large sums as it seeks to maintain the position it gained through ChatGPT and related AI products.
Questions before any IPO
Fortune said the reported results raise questions about how OpenAI would explain its business model to public-market investors. Any IPO filing could show whether the leaked figures match the company’s audited financials and how management frames the path from rapid adoption to a more sustainable business.
OpenAI’s position is also being measured against Anthropic, a major rival in the AI sector. Fortune reported that Anthropic has a $965 billion valuation and an annualized revenue run rate of about $47 billion, while its losses and expenses remain unknown.
The comparison is incomplete because Anthropic’s cost structure has not been disclosed, according to Fortune. Still, the reported OpenAI figures underline how central spending has become to the race among frontier AI companies.
For now, the public picture of OpenAI’s finances remains partial. The reported 2025 numbers show surging sales, sharply higher expenses and a company whose next test may be convincing investors that its costly push for AI dominance can produce durable returns.
This story draws on original reporting from Fortune.