As OpenAI prepares for a possible initial public offering, newly disclosed financial documents have shed light on the company's economic state. Despite a remarkable growth in revenue, projected to rise from $3.7 billion in 2024 to $13.07 billion in 2025, OpenAI is grappling with staggering expenses that far exceed its income.
According to the documents obtained by journalist Ed Zitron and reviewed by the Financial Times, OpenAI's monthly revenues are expected to approach $2 billion by the end of 2025. This suggests a continuing upward trajectory in revenue generation throughout the year. However, the company's research and development (R&D) costs are surging even more dramatically. In fact, R&D expenses alone have ballooned from $7.81 billion in 2024 to a staggering $19.18 billion in 2025.
A significant portion of these costs is attributed to agreements with Microsoft, which accounted for $10.59 billion in R&D expenses in 2025. This financial landscape illustrates the challenges OpenAI faces, as its rapid revenue growth is unable to keep pace with its escalating costs, leading to billions in losses annually.
