OpenAI 2025 Losses Reported at $38.5B in Leaked Audited Filings
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Why this grade: Accurately relays specific figures from leaked audited documents verified by FT; minor deductions for undefined accounting terms and limited broader context on adjustments
Why this lean: Straightforward presentation of financial data with no partisan framing or selective emphasis
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Summary
The broadcast presents exclusive details from OpenAI's audited financial statements for 2024 and 2025, obtained and verified independently. It reports revenue, costs, and net losses attributable to the company, including breakdowns for cost of revenue and R&D, plus notes on non-controlling interests and a 2025 corporate structure conversion.
Sourcing relies on documents viewed by the host and confirmed by the Financial Times. No guests appear; the segment stays narrowly focused on top-line numbers from the filings, with a promise of deeper follow-up analysis.
Editorial Assessment
The report faithfully transmits the leaked figures that multiple outlets have since covered, lending it credibility on the specific claims. Viewers may miss fuller context on how non-controlling interest adjustments and fair-value accounting for the for-profit conversion affect the headline loss number, or how these compare to prior public estimates and ongoing cash-burn projections. The straight-laced delivery avoids hype but leaves open questions about sustainability that later reporting has begun to explore. Overall, a solid primary-source summary rather than interpretive analysis.
Key Moments
OpenAI lost around $38.5 billion in 2025, up nearly 800% YoY from 2024
Matches figures in Zitron's reporting and FT-verified documents, corroborated by Fortune and Quartz coverage of the same leak
2024 revenue $3.7B with net loss attributable to company of $5.09B
Consistent across the leaked documents summary and secondary reporting
2025 revenue $13.07B with $38.53B net loss attributable after adjustments
Directly from the audited filings as reported; includes structure-change accounting impacts
$867M of 2025 revenue from SoftBank
Reported in the same document leak and host's accompanying statements