Leaked SEC filings show OpenAI’s revenue jumped from $3.7 billion in 2024 to $13.07 billion in 2025 but its R&D alone cost $19.18 billion, including $10.59 billion paid to Microsoft. High compute, sales, and marketing expenses drove its operating loss to $20.92 billion in 2025, about 160 percent of revenue, even as it targets profitability by 2030.

OpenAI and Anthropic are approaching record IPOs but face enormous costs for AI model training. OpenAI expects a staggering $121 billion in computing expenses by 2028, leading to significant projected losses, while Anthropic anticipates similar challenges but on a smaller scale. Both companies are rapidly releasing new AI models, intensifying the competition and cost pressures.