OpenAI's losses widened to $20.92 billion（約3.3兆円） in 2025 as research spending and computing costs surged far ahead of its $13.07 billion（約2.1兆円） revenue, putting its stated path to 2030 profitability under pressure.

What happened: Newly leaked financial documents show OpenAI's revenue nearly quadrupled from $3.7 billion（約5900億円） in 2024 to $13.07 billion（約2.1兆円） in 2025, with monthly revenues reaching nearly $2 billion（約3200億円） by year-end. However, research and development costs jumped from $7.81 billion（約1.2兆円） to $19.18 billion（約3.1兆円）, including $10.59 billion（約1.7兆円） paid to Microsoft alone. Cost of revenue doubled from $2.65 billion（約4200億円） to $7.5 billion（約1.2兆円）, and sales and marketing spending surged from $1.11 billion（約1800億円） to $5.73 billion（約9200億円）.

Why it matters: OpenAI's operating loss grew to $20.92 billion（約3.3兆円） in 2025—more than 1.5 times its total revenue. While losses as a percentage of revenue improved slightly from 237 percent in 2024 to 160 percent in 2025, the company still faces a massive gap between what it spends and what it earns, casting doubt on its goal of becoming profitable by 2030.

What to watch: The company's research spending continues to dwarf revenues, suggesting that training new models and meeting user demand remains extremely capital-intensive. Whether OpenAI can narrow this operating-loss gap will be critical as it moves toward its planned initial public stock offering.