In 2025, OpenAI reported a revenue of $13 billion. However, its total expenditures surged to $34 billion, culminating in a net loss of $39 billion. Of this amount, roughly $30 billion were non-cash accounting adjustments, while the actual operating losses stood at approximately $8 billion. The main reason for these operating losses lies in cost disparities. Notably, payments to Microsoft for computing power alone amounted to $17.2 billion, and the growth rate of expenditures far exceeded that of revenue.

Meanwhile, its competitor Anthropic experienced more rapid revenue growth. Its training expenditures were less than a quarter of OpenAI's, and it is now progressing towards an Initial Public Offering (IPO). On June 9, OpenAI also confidentially submitted its IPO documents to the U.S. Securities and Exchange Commission, vying with Anthropic for the title of the "first AI stock."