OpenAI Spent $34 Billion to Earn $13 Billion While Leaked Books Hid the Worst Numbers
Zitron's follow-up shows OpenAI burned $34 billion to make $13.07 billion, with 6.6% of revenue ($867 million) coming from backer SoftBank and billions of costs vanished into a line item nobody can explain.
"OpenAI spent $34 billion to make $13.07 billion."
Where's Your Ed At, Ed Zitron
After his leaked-financials scoop, Ed Zitron dug into how OpenAI dressed up the wreckage, and the makeup is not holding. OpenAI lost $21 billion in 2025, and the figures spurred reactions ranging from horror at spending $34 billion to make $13.07 billion in revenue to insistence that losing $21 billion is somehow good. Roughly $867 million, around 6.6% of revenue, came from SoftBank, which likely inflated revenue significantly. The company magicked away billions of dollars of costs using a “net losses attributable to noncontrolling members capital” line, which suggests connected entities it has yet to disclose. A company that needs the public markets to survive is showing the public an accountancy magic trick, and the rabbit is your retirement fund. Where’s Your Ed At on OpenAI’s bubble math
Source: Where's Your Ed At, Ed Zitron · Ed Zitron
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