OpenAI's 2025 losses reached $20.92 billion（約3.3兆円） on $13.07 billion（約2.1兆円） in revenue, but the company is narrowing its loss-to-revenue ratio and may have a path to profitability through R&D efficiency and pricing power.

What happened

OpenAI's financial statements show revenue jumped to $13.07 billion（約2.1兆円） from $3.7 billion（約5900億円） year-over-year, but operating losses widened to $20.92 billion（約3.3兆円） from $8.78 billion（約1.4兆円）. The company's total costs and expenses reached $34 billion（約5.4兆円）, up from $12.48 billion（約2兆円）, driven mainly by a $19.18 billion（約3.1兆円） R&D bill and $5.73 billion（約9200億円） in sales and marketing spend.

Why it matters

Although losses are large in absolute terms, OpenAI is improving its unit economics. In 2024, the company spent $2.37 for every $1 of revenue; in 2025, that ratio fell to $1.60. This trend suggests the company is moving toward sustainability, which is critical as it prepares for an IPO expected later this year.

What to watch

The path to profitability depends on whether OpenAI can cut R&D and marketing costs without sacrificing model performance—a delicate balance, since AI companies must keep generating best-performing models to retain customers. These financials are expected to appear in the company's SEC filing for its upcoming IPO.