Audited IPO filings show OpenAI lost $38.5 billion on $13 billion revenue in 2025, a dramatic jump from its $5 billion loss in 2024. At its current burn rate and limited assets, the company could exhaust its cash and face bankruptcy as soon as late 2026 or early 2027 without massive new funding.

• OpenAI's audited IPO filings reveal a $38.5 billion loss on $13.07 billion revenue in 2025, nearly 8x the 2024 loss and worse than even the most pessimistic prior estimates.
• Q1 2026 non-GAAP losses already hit $6.95 billion on $5.7 billion revenue, putting the company on pace for $28-70 billion in losses this year.
• With only $50 billion in assets (much of it non-cash compute credits from Amazon and Nvidia rather than real money), OpenAI risks running out of cash and facing bankruptcy as early as late 2026 or early 2027 without a massive new cash infusion.