Today, I can exclusively report, based on audited financial documents viewed by this publication that have been independently verified by the Financial Times, that OpenAI lost around $38.5 billion in 2025, as well as other crucial details about the financial condition of the company.
Due to the seriousness of this story, I am not going to do very much editorializing, as the numbers speak for themselves.
It’s bullet points from here to the conclusion. Dry stuff, but important data as these idiots persevere in finding even larger idiots to give them money via IPO.
Yes. Looks like they’re still really not profitable, even if they stopped R&D; but only barely.
Of course, when tough times arrive, the difference between “barely sustainable” and “almost sustainable” can be everything.
(“A few quick job cuts to make the numbers work” are often the harbinger of a spiral of cascading failures.)
Overall though, the numbers (minus the utterly stupid waste happening in R&D) look better than I would have guessed - for a product that still has no meaningful truly necessary outputs.
The thing is that R&D is their only chance, if they stop, open models will catch up. It will be the cloud owners making all the money at that point.
Right. I think the whole thing is still a fool’s errand.
As soon as they can’t monopolize all the days center wafers, they’ll be trying to sell their proprietary models against scrappy little pop up businesses running open models at cut throat rates.
They may still make some money, but I don’t think the billions tossed at all this are coming back to them.