OpenAI's pre-IPO numbers: $13B in revenue against $38.5B in losses

My take: Leaked audited financials for 2025, surfaced ahead of the IPO process, show OpenAI spent $34 billion while bringing in $13 billion, and that is before extraordinary items that push the net loss to $38.5 billion. The sharpest detail: $17.2 billion went to Microsoft for compute and R&D, revealing just how dependent the company is on that infrastructure right as it prepares to go public.