Leaked financial documents reveal that OpenAI is losing trillions of yen annually.
OpenAI, the developer of ChatGPT, has announced that it has
Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion
https://www.wheresyoured.at/exclusive-openai-financials/
Leaked financial docs show OpenAI is losing billions of dollars a year - Ars Technica
https://arstechnica.com/ai/2026/06/leaked-financial-docs-show-openai-is-losing-billions-of-dollars-a-year/
According to audited financial statements obtained by independent journalist Ed Zitron, OpenAI's reported revenue increased from $3.7 billion (approximately 600 billion yen) in 2024 to $13.07 billion (approximately 2 trillion yen) in 2025. The Financial Times, which also examined the same documents, reported that OpenAI's monthly revenue reached nearly $2 billion (approximately 320 billion yen) by the end of 2025, suggesting that OpenAI's sales pace continued to grow throughout the year.
On the other hand, OpenAI's financial statements reveal that in 2024, its total operating expenses and expenditures amounted to $12.48 billion (approximately 2 trillion yen), including $7.81 billion (approximately 1.25 trillion yen) for research and development, $1.11 billion (approximately 178 billion yen) for sales and marketing, and $907 million (approximately 14.5 billion yen) for general and administrative expenses. Including additional factors such as interest income and interest expenses, the net loss attributable to the company was $5.09 billion (approximately 817 billion yen).
Furthermore, in 2025, when sales grew to $13.07 billion, the company recorded operating expenses totaling $41.55 billion (approximately 6.64 trillion yen), including $19.18 billion (approximately 3 trillion yen) in research and development expenses, resulting in a net loss of $60.35 billion (approximately 9.7 trillion yen). By subtracting expenses related to 'net loss attributable to non-controlling equity' and 'net loss attributable to redeemable non-controlling interests,' the net loss attributable to OpenAI in 2025 is calculated to be $38.5 billion (approximately 6 trillion yen).
It has been reported for some time that OpenAI's profit margins are negative, and according to sources, the company does not expect its cash flow to be positive until 2029, when its projected revenue exceeds $125 billion (approximately 18.7 trillion yen).
OpenAI successfully raises $40 billion despite negative profit margins - GIGAZINE
Looking solely at the amount of operating losses, they nearly tripled from 2024 to 2025. On the other hand, when viewed as a percentage of sales, the operating loss in 2024 was 237%, while in 2025 it was 160%, showing a slight improvement.
Furthermore, while OpenAI's net loss in 2025 is projected at $38.5 billion, according to sources familiar with the matter, the Financial Times reports that this loss includes substantial accounting costs related to changes in investor valuations that occurred when OpenAI announced its intention to shift to a for-profit, business-led model. These one-time costs amount to approximately $30 billion, and excluding them, OpenAI's net loss in 2025 would be around $8 billion (approximately 1.2 trillion yen), about 1.5 times that of 2024.
OpenAI announced that it submitted a draft registration statement for an initial public offering (IPO) to the Securities and Exchange Commission on June 8, 2026. OpenAI stated that 'some things can be more easily achieved as a private company, so it may take some time,' and while the timing of the listing has not yet been decided, it may shift its focus to improving profitability and reducing costs in the future.
OpenAI files documents for IPO, also announces plans for 'automated AI researchers' - GIGAZINE
OpenAI has submitted its IPO draft confidentially, and has declined to comment to the media regarding the financial information reported.
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