Leaked OpenAI financials show $38.5B loss and compute burn

OpenAI's leaked 2025 financials reveal a $38.53 billion net loss despite generating $13.07 billion in revenue, with a $20.92 billion operating loss driven by massive compute spending ($7.5 billion in cost of revenue plus $19.18 billion in R&D). The figures underscore the central challenge facing CEO Sam Altman as OpenAI prepares for a potential IPO: whether rapidly growing revenue can outpace the enormous infrastructure costs required to scale AI capabilities before the public markets window closes.