OpenAI's audited financial documents, leaked to journalist Ed Zitron and verified by the Financial Times, show the company lost between $21-38 billion in 2025 against roughly $13 billion in revenue—primarily due to massive AI infrastructure and training costs. The losses underscore the extreme capital intensity of large language model development and raise questions about OpenAI's path to profitability as it prepares for a public offering. The specific loss figure varies across sources ($38.5B vs $21B) depending on whether calculations include total expenses or net losses, but all confirm losses exceeded revenue by multiples.