OpenAI posts $20.92B operating loss despite $13.07B revenue

What happened

OpenAI's leaked 2025 financials show revenue of $13.07 billion（約2.1兆円） (up from $3.7 billion（約5900億円） in 2024), but total costs and expenses reached $34 billion（約5.4兆円） (up from $12.48 billion（約2兆円） in 2024), resulting in an operating loss of $20.92 billion（約3.3兆円） (up from $8.78 billion（約1.4兆円） in 2024).

Why it matters

By standard accounting measures, OpenAI is losing money at an accelerating pace even as revenue grows. The company is spending far more than it earns, functioning as what the article calls a 'legendary cash furnace' to maintain its position in the AI market—a strategy that works only if the company can eventually become profitable or secure sustained funding.

What to watch

OpenAI is expected to go public soon and will need to explain to retail investors how it plans to achieve sustainable profitability. The core unknown is whether its current strategy of spending billions to win the AI competition it started will ultimately succeed.