OpenAI's financial situation is more precarious than previously understood, with leaked Microsoft documents revealing significant spending on compute resources. Since 2024, OpenAI has reportedly paid Microsoft over $12 billion. In the first three quarters of 2025 alone, the company is said to have spent $8.7 billion on inference via Azure, more than double its 2024 expenditure of $3.7 billion. These figures raise concerns that OpenAI's operational costs far exceed its revenues, which internal estimates suggest may be around $2 billion less than previously claimed. Microsoft's spokesperson indicated that the leaked numbers might not be entirely accurate, hinting at potential cloud credits that could affect OpenAI's actual spending. Furthermore, OpenAI's reported annual recurring revenues appear inflated. The documents show Microsoft received $454.7 million from OpenAI in the first half of 2025, suggesting OpenAI's sales were closer to $2.27 billion, significantly lower than the $4.3 billion reported in October. Even with a surge in revenues in the third quarter, the figures still conflict with OpenAI CEO Sam Altman's assertion that the company would surpass $13 billion in annual revenue. Additionally, the financial reports only encompass Azure, leaving out possible payments from other Microsoft divisions that incorporate OpenAI technology. Microsoft integrates OpenAI's models into products like Bing and Office 365, but it hasn't detailed the financial impact of these integrations. The lack of clarity in these financial relationships underscores a need for greater transparency, as customers and stakeholders require a clear understanding of OpenAI's financial health to gauge the future of AI development and pricing.