OpenAI posts $21B loss on $13B revenue as IPO looms

Fortune reports OpenAI's 2025 financials show a $21 billion operating loss on roughly $13 billion in revenue, driven by costs of $34 billion (R&D $19.18B, COGS $7.5B, S&M $5.73B, G&A $1.57B). Loss from operations was $20.92B, though the loss ratio improved to about $1.60 in expenses per dollar of revenue in 2025 from $2.37 in 2024. With the company planning an IPO, executives might pursue revenue growth or price increases while potentially trimming R&D and marketing—though cutting R&D risks eroding AI leadership. The figures come from leaked copies obtained by Ed Zitron and the Financial Times and are a preview of what the S-1 might reveal.