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.

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.

• OpenAI projects $121 billion in cumulative computing expenses by 2028, driving major projected losses despite revenue growth.
• OpenAI's revenue is set to hit $1 billion in 2024 (up from $540 million in 2023), with a potential valuation around $100 billion.
• Anthropic trails with projected 2024 revenue of $300 million (up from $100 million in 2023), growing more slowly but leaning on its safety-focused reputation to attract investors.
• Both companies are racing to release new models, intensifying competitive and cost pressures ahead of their IPOs.