OpenAI 年亏损数十亿美元，财务文件泄露
Leaked financial docs show OpenAI is losing billions of dollars a year
OpenAI 的财务状况直接影响行业信心和投资方向，这份泄露文件揭示了其烧钱速度，建议关注后续 IPO 进展及成本控制策略。
As OpenAI files SEC paperwork ahead of an expected initial public stock offering, newly leaked financial documents show a company with quickly growing revenues that are currently being overwhelmed by even larger expenses.
The audited financial statements, obtained by independent journalist Ed Zitron, show OpenAI's reported revenue growing from $3.7 billion in 2024 to $13.07 billion in 2025. The Financial Times, which reviewed the same documents, writes that the company's monthly revenues had grown to nearly $2 billion by the end of 2025, suggesting that its ongoing revenue rates continued to grow throughout the year.
R&D expenses alone still easily outpace OpenAI's quickly growing revenues. Credit: Ars Technica
But the company's fast-growing revenues are still dwarfed by its even more significant expenses. OpenAI's total revenues in both of the last two years were outpaced by research and development alone, which grew from a $7.81 billion line item in 2024 to a massive $19.18 billion cost in 2025. Those numbers seem to reflect the significant costs OpenAI incurred in training new models and include $10.59 billion in R&D costs paid to Microsoft alone in 2025.
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更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力