OpenAI generated $4.3 billion in revenue during the first half of 2025 but posted a net loss of $13.5 billion, according to financial disclosures to shareholders reported by TechInAsia based on coverage by The Information. More than half of the loss stems from the remeasurement of convertible interest rights.
Research and development costs dominated expenses at $6.7 billion. The company spent $2 billion on sales and advertising, nearly double its 2024 total, and approximately $2.5 billion on stock-based compensation, almost twice the amount from the previous year’s first half. Operating losses reached $7.8 billion, with $2.5 billion in cash burned.
OpenAI paid Microsoft 20 percent of its revenue under an existing agreement. The company held roughly $17.5 billion in cash and securities at the end of June, boosted by $10 billion in new funding. By late July, it was seeking an additional $30 billion from investors. A tender offer values OpenAI’s for-profit arm at approximately $500 billion.