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.