Leaked financial docs show OpenAI is losing billions of dollars a year
Leaked financial docs show OpenAI is losing billions of dollars a year
泄露的财务文件显示 OpenAI 每年亏损数十亿美元
As OpenAI files SEC paperwork ahead of an expected initial public stock offering, newly leaked financial documents show a company with quickly growing revenues that are currently being overwhelmed by even larger expenses. The audited financial statements, obtained by independent journalist Ed Zitron, show OpenAI’s reported revenue growing from $3.7 billion in 2024 to $13.07 billion in 2025.
随着 OpenAI 为即将进行的首次公开募股（IPO）向美国证券交易委员会（SEC）提交文件，最新泄露的财务文件显示，该公司虽然营收增长迅速，但目前正被更为庞大的支出所淹没。独立记者 Ed Zitron 获得的审计财务报表显示，OpenAI 的报告营收从 2024 年的 37 亿美元增长至 2025 年的 130.7 亿美元。
The Financial Times, which reviewed the same documents, writes that the company’s monthly revenues had grown to nearly $2 billion by the end of 2025, suggesting that its ongoing revenue rates continued to grow throughout the year. R&D expenses alone still easily outpace OpenAI’s quickly growing revenues.
审阅了相同文件的《金融时报》报道称，到 2025 年底，该公司的月度营收已增长至近 20 亿美元，这表明其持续的营收率在全年内保持增长。仅研发费用一项，就依然远超 OpenAI 快速增长的营收。
But the company’s fast-growing revenues are still dwarfed by its even more significant expenses. OpenAI’s total revenues in both of the last two years were outpaced by research and development alone, which grew from a $7.81 billion line item in 2024 to a massive $19.18 billion cost in 2025. Those numbers seem to reflect the significant costs OpenAI incurred in training new models and include $10.59 billion in R&D costs paid to Microsoft alone in 2025.
然而，该公司快速增长的营收仍被其更为巨大的支出所掩盖。在过去两年中，OpenAI 的总营收均低于其研发支出，研发费用从 2024 年的 78.1 亿美元激增至 2025 年的 191.8 亿美元。这些数字似乎反映了 OpenAI 在训练新模型时产生的巨额成本，其中 2025 年支付给微软的研发费用就高达 105.9 亿美元。
On top of that, OpenAI’s “cost of revenue” (i.e., the money spent producing and distributing the product) increased from $2.65 billion in 2024 to $7.5 billion in 2025. This cost line likely reflects the significant compute costs incurred at “inference time” as the company’s models respond to a growing number of user prompts. Costs associated with sales and marketing also grew from $1.11 billion in 2024 to $5.73 billion in 2025.
此外，OpenAI 的“营收成本”（即生产和分发产品所花费的资金）从 2024 年的 26.5 亿美元增加到 2025 年的 75 亿美元。这一成本项很可能反映了随着公司模型响应越来越多的用户提示，在“推理阶段”产生的巨大计算成本。与销售和营销相关的成本也从 2024 年的 11.1 亿美元增长至 2025 年的 57.3 亿美元。
All told, OpenAI’s day-to-day “loss from operations” increased from $8.78 billion in 2024 to $20.92 billion in 2025, a concerning direction for a company that is telling investors it hopes to be profitable by 2030. But measured as a percentage of revenues, the company’s operating losses slightly improved year to year, from 237 percent in 2024 to 160 percent in 2025.
总而言之，OpenAI 的日常“运营亏损”从 2024 年的 87.8 亿美元增加到 2025 年的 209.2 亿美元。对于一家向投资者承诺希望在 2030 年实现盈利的公司来说，这是一个令人担忧的趋势。但若以营收百分比来衡量，该公司的运营亏损同比略有改善，从 2024 年的 237% 下降至 2025 年的 160%。
Gotta spend money to make money. Operating numbers aside, OpenAI’s headline “net loss” number of just over $5 billion in 2024 ballooned to nearly $39 billion in 2025. But the 2025 number includes a significant accounting charge related to investor valuations that shifted amid the company’s 2025 conversion to a for-profit structure. The Financial Times cites “a person familiar with the matter” in reporting that this non-recurring charge was approximately $30 billion and that OpenAI’s 2025 net loss amounted to a more reasonable-looking $8 billion without it.
舍不得孩子套不着狼。撇开运营数据不谈，OpenAI 2024 年略高于 50 亿美元的“净亏损”数字在 2025 年激增至近 390 亿美元。但 2025 年的数字包含了一项重大的会计费用，这与公司在 2025 年转型为营利性结构时投资者估值的变动有关。《金融时报》援引“知情人士”的话报道称，这笔非经常性费用约为 300 亿美元，若剔除该项费用，OpenAI 2025 年的净亏损额为 80 亿美元，看起来更为合理。
As OpenAI tries to shift all these losses to eventual profits, it will have to start reining in its costs, especially the massive (and growing) R&D costs associated with model training. It will also have to deal with enterprise customers that are beginning to balk at token-based pricing and starting to demand a measurable return on investment for their AI spending. And on the subscription side, pressure from rival Anthropic may force the company to lower prices, which could further increase operating losses in the near term.
随着 OpenAI 试图将所有这些亏损转化为最终的利润，它必须开始控制成本，尤其是与模型训练相关的巨大（且不断增长的）研发费用。它还必须应对那些开始对基于 Token 的定价感到不满，并要求其 AI 支出获得可衡量投资回报的企业客户。在订阅方面，来自竞争对手 Anthropic 的压力可能会迫使该公司降低价格，这在短期内可能会进一步增加运营亏损。
OpenAI shut down its Sora video generation model in March. Around the same time, OpenAI CEO of Applications Fidji Simo told employees that the company would be cutting back on “side quests” and focusing on its core coding and business users. In March, OpenAI raised $122 billion of financing in a funding round that valued the company at $852 billion. The company reports over 900 million weekly active users of ChatGPT, though only about 50 million of those are paid subscribers.
OpenAI 于 3 月关闭了其 Sora 视频生成模型。大约在同一时间，OpenAI 应用部门首席执行官 Fidji Simo 告诉员工，公司将减少“支线任务”，专注于核心的编程和商业用户。3 月，OpenAI 在一轮融资中筹集了 1220 亿美元，公司估值达到 8520 亿美元。据报道，ChatGPT 每周活跃用户超过 9 亿，但其中只有约 5000 万是付费订阅用户。