Menu

Clad

Grading Content & Exposing Bias

Vol. I Β· No. 167 Β· 808 Reports Wednesday, June 17, 2026
πŸ”’ Grade β€” Premium

OpenAI 2025 Losses Reported at $38.5B in Leaked Audited Filings

Share Text X Facebook

πŸ”’ The letter grade, factuality score, and political-lean rating for this report are part of CladFacts Premium. The full report below is free to read.

Topics in This Edition

OpenAIAI industry finances

Summary

The broadcast presents exclusive details from OpenAI's audited financial statements for 2024 and 2025, obtained and verified independently. It reports revenue, costs, and net losses attributable to the company, including breakdowns for cost of revenue and R&D, plus notes on non-controlling interests and a 2025 corporate structure conversion.

Sourcing relies on documents viewed by the host and confirmed by the Financial Times. No guests appear; the segment stays narrowly focused on top-line numbers from the filings, with a promise of deeper follow-up analysis.

Editorial Assessment

The report faithfully transmits the leaked figures that multiple outlets have since covered, lending it credibility on the specific claims. Viewers may miss fuller context on how non-controlling interest adjustments and fair-value accounting for the for-profit conversion affect the headline loss number, or how these compare to prior public estimates and ongoing cash-burn projections. The straight-laced delivery avoids hype but leaves open questions about sustainability that later reporting has begun to explore. Overall, a solid primary-source summary rather than interpretive analysis.

Key Moments

verified

OpenAI lost around $38.5 billion in 2025, up nearly 800% YoY from 2024

Matches figures in Zitron's reporting and FT-verified documents, corroborated by Fortune and Quartz coverage of the same leak

verified

2024 revenue $3.7B with net loss attributable to company of $5.09B

Consistent across the leaked documents summary and secondary reporting

verified

2025 revenue $13.07B with $38.53B net loss attributable after adjustments

Directly from the audited filings as reported; includes structure-change accounting impacts

verified

$867M of 2025 revenue from SoftBank

Reported in the same document leak and host's accompanying statements

Sources Consulted

  1. Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion
  2. OpenAI’s financials have leaked, showing $21 billion in losses against $13 billion in revenue
  3. OpenAI 2025 financials leaked: $38.5B loss ahead of IPO
  4. OpenAI - Wikipedia
  5. OpenAI revenue, valuation & funding | Sacra