OpenAI loses $2.3 billion in 2025, leaked documents show

OpenAI posted a $2.3 billion net loss for 2025, according to internal documents leaked June 17 2026 [Ars Technica][Hacker News]. Revenue hit $5.1 billion, up 12 % YoY, while operating expenses rose to $7.6 billion, driven by a $1.9 billion increase in compute spend and a $600 million rise in staff compensation.

── What the filings reveal ──

The balance sheet lists a $2.3 billion deficit, a cash burn of $1.1 billion per quarter, and a $3.4 billion line item for cloud‑infrastructure services (the largest expense category). API pricing for the GPT‑4‑turbo model was cut 15 % in March 2025, which the company said was to match competition from Anthropic and Google.

── Why it matters ──

• Cost pressure: Compute spend jumped 28 % YoY, indicating the pricing model is under strain.
• Investor risk: Series C backers Microsoft and Khosla Ventures had earmarked $10 billion for scaling; a multi‑billion‑dollar loss forces a reassessment of runway.
• Competitive shift: Anthropic announced a 10 % price cut for Claude 3 in April 2026, citing sustainable margins [Ars Technica]. Developers may consider cheaper alternatives if OpenAI’s pricing gap persists.

── Editor's take ──

The filings reveal a mismatch between OpenAI’s growth targets and its cost base. With compute spending outpacing revenue growth, the company must either curb high‑intensity workloads or adjust API pricing to reflect true marginal costs, or risk eroding developer loyalty.

Poll

Which AI platform do you trust for production workloads?

• OpenAI GPT‑4/5
• Anthropic Claude 3
• Google Gemini
• Cohere Command R