OpenAI Torched $21 Billion in One Year and Called It Progress
Leaked financials show OpenAI lost $20.9 billion on $13.1 billion of revenue in 2025, and the spin was that losing $1.60 for every dollar earned counts as progress.
OpenAI’s real books leaked ahead of the IPO it just filed for, and Ed Zitron and the Financial Times both clocked the 2025 operating loss near $21 billion against just over $13 billion in revenue. The company spent last year telling the world it was running at $20 billion in annualized sales, so the true number landed as a quiet downgrade with a bonfire attached. The cheerful reading, dutifully repeated, is that the company now burns only $1.60 to earn a dollar, down from $2.37, which is the exact kind of math that ends with you selling shares to strangers. Your f*ucking AI torched twenty-one billion dollars in twelve months and packaged the wreckage as an improving margin story. Read Fortune on the leaked OpenAI financials.
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