OpenAI’s losses are far worse than anyone guessed. Early estimates for 2025 ranged from an $8 billion net loss up to $15.6 billion, based on operating costs of $28 billion and revenues under $12 billion. Mid-2025 numbers were already dire: $4.3 billion in revenue against $17.8 billion in costs, pointing to a year-end loss near $27 billion. Those figures showed the company was burning through cash at three times the 2024 rate. Then Ed Zitron got hold of OpenAI’s audited IPO filings. They confirm a $5 billion loss in 2024 and reveal a staggering $38.5 billion loss on $13.07 billion revenue for 2025. That loss jumps almost eightfold year over year and outpaces the most pessimistic projections by more than $10 billion. Audited accounting can be messy, but nothing hints at a dramatically smaller number. The trend continues into 2026. The Information reports a Q1 non-GAAP loss of $6.95 billion on $5.7 billion revenue. Strip out hidden costs, and the real figure is almost certainly higher. If that rate holds, the company could book nearly $28 billion in non-GAAP losses for all of 2026—and some analysts warn it might exceed $50 billion or even hit $70 billion. Meanwhile, OpenAI’s balance sheet shows only $50 billion in assets. Most recent “investments” from Amazon and Nvidia come as compute-credits, not cash. At current burn rates, losses may soon outstrip assets and push the company toward bankruptcy unless it lands tens of billions in real cash before year’s end. Sam Altman’s push for an IPO and government support reflects a desperate need to fill that gap.