As OpenAI prepares for an anticipated initial public offering, it has submitted necessary documentation to the SEC, alongside financial records that have recently come to light, revealing a company experiencing rapid revenue growth but facing even steeper expenses.
These audited financial reports, shared by independent journalist Ed Zitron, indicate that OpenAI's revenue surged from $3.7 billion in 2024 to an impressive $13.07 billion in 2025. According to the Financial Times, this surge had accelerated to nearly $2 billion in monthly revenues by the close of 2025, highlighting continuous growth throughout the year.
However, despite this impressive increase in revenues, OpenAI's expenses remain a significant concern. Research and Development (R&D) costs alone have outstripped the rising revenues, escalating from $7.81 billion in 2024 to a staggering $19.18 billion in 2025. These figures suggest heavy investments in developing new models, including a substantial $10.59 billion paid to Microsoft for R&D in 2025.
Additionally, the company's "cost of revenue," which encompasses expenses associated with producing and delivering its products, rose sharply from $2.65 billion in 2024 to $7.5 billion in 2025. This surge likely reflects the high computing costs related to the increasing demand for its models, which must process a growing number of user requests. Sales and marketing expenses also climbed significantly, from $1.11 billion in 2024 to $5.73 billion in 2025.
Although OpenAI's operating loss has decreased as a percentage of its revenue, there's still a considerable gap to close before achieving profitability. The company's operational losses rose from $8.78 billion in 2024 to $20.92 billion in 2025, casting a shadow on its goal of reaching profitability by 2030. Nonetheless, when viewed as a percentage of revenue, there's a positive trend, with losses improving from 237 percent in 2024 to 160 percent in 2025.
