2025 books show a $38.5B loss before the IPO filing

OpenAI lost $38.5 billion in 2025 on revenue of $13.07 billion, according to financial documents Quartz reported on September 7. OpenAI has not published these figures. It confidentially filed for an IPO on June 8.

The documents put the operating loss at $20.92 billion. They show a separate $41.55 billion loss tied to changes in the fair value of convertible interests and a warrant liability during OpenAI’s conversion from a nonprofit into a for-profit company.

The conversion closed on October 28, 2025, when the capped-profit LLC became OpenAI Group PBC, a Delaware public benefit corporation. The nonprofit, renamed the OpenAI Foundation, kept control of the board and took roughly 26% of the equity, about $130 billion at a valuation of around $500 billion.

On the operating side, OpenAI spent $34 billion in 2025 against $13 billion in revenue, the documents show. Revenue more than tripled from the $3.7 billion reported for 2024.

Microsoft took a large share of that spending. The documents list $10.59 billion paid to Microsoft for research and development and another $6.047 billion in cost-of-revenue charges, money paid to a partner that also owns part of OpenAI. After the recapitalization, Microsoft says its stake in OpenAI Group PBC is valued at approximately $135 billion and represents roughly 27 percent on an as-converted diluted basis.

Potential investors will read the 2025 accounts next to this year’s numbers. In the three months ended in June, OpenAI told investors it brought in $6.7 billion in revenue, already about half of 2025’s full-year total in a single quarter. Losses deepened over the same period, The Wall Street Journal reported in August, and the operating margin moved further from profitability.

Under the agreement Microsoft signed when the restructuring closed, OpenAI has contracted to buy an incremental $250 billion of Azure services, and Microsoft no longer has a right of first refusal to be OpenAI’s compute provider.