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's revenue nearly quadrupled to $13.07 billion in 2025, but operating losses still hit $20.92 billion, about 160% of revenue.
• R&D costs alone ($19.18 billion) exceeded total revenue, with over half ($10.59 billion) paid to Microsoft.
• Compute costs and sales/marketing spending both roughly tripled year-over-year, driving the overall cost explosion.
• Losses as a share of revenue improved from 237% to 160%, the main evidence OpenAI cites for its 2030 profitability target.