Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting $34 Billion
A $38.5 billion loss sounds like catastrophe until you ask what kind of loss it actually was. With OpenAI's 2025 numbers, the most important question isn't whether the figure is big. It's what inside that figure reflects the business, and what reflects a one-time accounting shock.
The headline number
Why the conversion changed everything
What the operating business looks like
Microsoft, SoftBank, and dependence
The cash cushion and the real risk
What holds up and what doesn't
Source:
Ed Zitron's Where's Your Ed At — Exclusive: OpenAI Losses Increased Nearly 8X in 2025, With Spending Hitting…
The skinny
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