Quartz, citing reported financial documents, puts OpenAI's 2025 loss at $38.5 billion, a number the company hasn't published as it heads toward a listing. Revenue for the year came to $13.07 billion.
Operations account for $20.92 billion of that loss, per the same documents. The rest traces to fair value changes on convertible interests and warrant liability during OpenAI's conversion from a nonprofit into a for-profit entity. The 2025 books predate this year's growth: OpenAI confidentially filed for an IPO on June 8, 2026.