Yes, OpenAI is losing money, and in 2026 its losses have grown faster than its sales. The ChatGPT maker recorded a $12.3 billion operating loss in the second quarter of 2026 on $6.7 billion of revenue, according to The Wall Street Journal.
The full-year numbers point the same way. Leaked audited accounts, verified by the Financial Times, show OpenAI booked $13.07 billion in revenue in 2025 against about $34 billion in costs and expenses.
OpenAI does not publish its financial statements. The figures below come from leaked documents and investor disclosures reported by the FT, the WSJ, Bloomberg, Reuters, and CNBC.
Is OpenAI losing money in 2026?
OpenAI’s 2026 quarters show revenue rising and losses rising faster. The WSJ reported first-quarter revenue of $5.7 billion and second-quarter revenue of $6.7 billion, an 18% gain.
Over the same period, the operating loss, including stock-based pay, grew from $9.3 billion to $12.3 billion. That is a 32% jump.
The first half of 2026 produced a combined operating loss of $21.6 billion. That figure is already larger than the $20.92 billion operating loss for all of 2025.
The WSJ tied the slower growth to weaker ChatGPT momentum, price cuts, cautious corporate budgets, and competition from lower-cost Chinese models. OpenAI has not reported third-quarter results.
OpenAI cash burn versus its accounting losses
Cash burn runs well below the operating loss. Stock-based compensation counts as an expense, but it does not use cash.
The Information reported that OpenAI burned $3.7 billion in cash in the first quarter of 2026. The operating loss for the same quarter was $9.3 billion.
OpenAI losses in 2025: what the audited accounts show
The leaked 2025 accounts give the clearest view of OpenAI’s finances so far. Here is how they compare with 2024.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Revenue | $3.7B | $13.07B | +253% |
| Total costs and expenses | $12.48B | About $34B | +172% |
| Operating loss | $8.78B | $20.92B | +138% |
| Net loss attributable to OpenAI | $5.09B | $38.53B | +657% |
Revenue grew about 3.5 times in 2025, while the operating loss grew about 2.4 times. As a share of sales, the loss got smaller.
In 2024, OpenAI lost $2.37 from operations for every $1 of revenue. In 2025, that fell to $1.60. By the second quarter of 2026, it had climbed back to about $1.84.
Why the 2025 net loss reached $38.5 billion
The net loss is far larger than the operating loss because of one non-cash item. The accounts include a $41.55 billion fair-value loss on convertible interests and warrant liabilities.
When a company’s valuation rises, the instruments it owes investors become more valuable, and the increase is booked as a loss. The charge cut OpenAI’s reported earnings but did not take cash out of the business.
The same period covered OpenAI’s October 2025 switch to a public benefit corporation. A full breakdown of who owns OpenAI after its recapitalization shows how that change reshaped the cap table.
Where OpenAI’s money goes
Research and development is the largest expense. It rose from $7.81 billion in 2024 to $19.18 billion in 2025, more than OpenAI’s entire revenue for the year.
Cost of revenue, the expense of running models for paying users, went from $2.65 billion to $7.5 billion. Sales and marketing rose from $1.11 billion to $5.73 billion.
Microsoft received a large share of the spending. The leaked accounts show OpenAI paid Microsoft $17.2 billion in 2025, with $10.59 billion booked as R&D and about $6.05 billion as cost of revenue.
The two companies revised their deal in April 2026. OpenAI’s revenue-share payments to Microsoft are now capped at a reported $38 billion through 2030, and Azure exclusivity ended.
The compute bill ahead
Computing power is the biggest planned cost. A company presentation seen by the FT projects about $856 billion of spending on compute and infrastructure through 2030.
OpenAI revenue growth against its losses
Annualized revenue, or run rate, takes one recent month of sales and multiplies it by 12. OpenAI’s run rate more than doubled in the first nine months of 2026.
| Date | Annualized revenue | Reported by |
|---|---|---|
| End of 2025 | Above $20 billion | Reuters, citing CFO Sarah Friar |
| End of February 2026 | Above $25 billion | The Information |
| August 2026 | Above $40 billion | Bloomberg |
| End of September 2026 | About $50 billion | Financial Times, CNBC |
| End of 2026 (target) | $70 billion or more | Bloomberg |
In early October, the FT reported that the $68 billion to $70 billion figure circulating in September was too high. That number added partner sales to match the method Anthropic uses. OpenAI’s own figure was about $50 billion.
OpenAI also told investors its run rate grew 77% during the third quarter, with enterprise run rate up 107%, CNBC reported. Shares of Nvidia, Oracle, and CoreWeave fell on October 8 after the lower figure came out.
How OpenAI pays for its losses
Investor money covers the gap. On March 31, 2026, OpenAI closed a $122 billion funding round at an $852 billion post-money valuation, the largest private raise on record.
Amazon committed up to $50 billion, and Nvidia and SoftBank committed $30 billion each. The round also took in about $3 billion from individual investors through bank channels.
OpenAI is raising again. On October 30, the FT reported that OpenAI cut its target to about $20 billion at a $1.25 trillion valuation, down from $30 billion at $1.4 trillion.
Some investors reduced their commitments, and the first close is expected to come in under $20 billion. A UAE group that includes state-backed MGX is set to be the largest participant.
When will OpenAI be profitable?
OpenAI does not expect positive cash flow before 2030, according to The Information. A company presentation reported by the FT in September shows $278 billion of negative free cash flow from 2026 through 2030.
| Projection | Figure |
|---|---|
| Revenue in 2026 | $36 billion |
| Revenue in 2030 | $350 billion |
| Total revenue, 2026 to 2030 | $840 billion |
| Negative free cash flow, 2026 to 2030 | $278 billion |
| Compute and infrastructure spending through 2030 | About $856 billion |
The $278 billion figure is lower than a May 2026 projection of $305 billion. At the planned pace, the March round’s cash runs out in 2028, the FT reported.
Reaching $36 billion in 2026 requires about $23.6 billion of revenue in the second half. First-half revenue was about $12.4 billion, so OpenAI needs close to double that in six months.
OpenAI losses compared with Anthropic
In the second quarter of 2026, Anthropic passed OpenAI in quarterly revenue for the first time, the WSJ reported. Anthropic also posted a small adjusted operating profit.
| Metric | OpenAI | Anthropic |
|---|---|---|
| Q2 2026 revenue | $6.7 billion | Above $11.5 billion (preliminary) |
| Q2 2026 operating result | $12.3 billion loss | Small adjusted profit |
| Annualized revenue | About $50 billion | About $65 billion |
| Valuation sought | $1.25 trillion (private round) | At least $1.5 trillion (IPO) |
| Expected listing | 2027 | November 2026 |
The figures are not like-for-like. Axios reported that Anthropic’s profit measure excludes stock-based compensation, and the two companies count partner revenue differently.
Like OpenAI, Anthropic is a public benefit corporation backed by large tech investors. This look at Anthropic’s shareholders and governance covers how its ownership differs.
What OpenAI’s losses mean for its IPO
OpenAI filed confidentially for an IPO on June 8, 2026, and is now aiming to list in 2027. A public prospectus would be the first time OpenAI releases audited results on its own.
At $1.25 trillion, investors would pay 25 times OpenAI’s current annualized revenue. Public markets will weigh that price against quarterly operating losses above $12 billion.
Anthropic’s listing adds pressure because the two companies are courting a similar pool of investors, Reuters reported. The 2026 AI IPO pipeline lists both companies alongside other large filings.
FAQ
Is OpenAI profitable?
No. OpenAI recorded a $20.92 billion operating loss in 2025 and a $12.3 billion operating loss in the second quarter of 2026. Its own plans show no positive cash flow before 2030.
How much money did OpenAI lose in 2025?
OpenAI lost $20.92 billion from operations in 2025 on $13.07 billion of revenue. Its net loss was $38.53 billion, which includes a $41.55 billion non-cash fair-value charge.
Why is OpenAI losing so much money?
Spending on research, model training, and computing power exceeds revenue. Research and development alone cost $19.18 billion in 2025, more than the $13.07 billion OpenAI earned that year.
When will OpenAI make a profit?
OpenAI expects positive cash flow no earlier than 2030, according to The Information. Its plan shows $278 billion of negative free cash flow from 2026 to 2030, the Financial Times reported.
How does OpenAI fund its losses?
OpenAI relies on investors. It raised $122 billion at an $852 billion valuation in March 2026 and is now seeking about $20 billion at a $1.25 trillion valuation, according to the Financial Times.
