Leaked Documents Reveal OpenAI’s Financial Standing

OpenAI's spending on inference may exceed its earnings.

OpenAI may still be spending more on inference than it earns. This conclusion was drawn by experts after examining documents on the company’s financial situation published by tech blogger Ed Zitron here.

The information provides insight into the AI startup’s income and expenses on computing over the past two years.

According to the published data, Microsoft received $493.8 million from OpenAI in 2024. In the first three quarters of 2025, this figure rose to $865.8 million.

Media reports indicate that the AI startup gives 20% of its revenue to the Windows developer as part of a previously concluded deal, under which the corporation invested over $13 billion in the AI startup. This information has not been publicly confirmed by any official parties.

Calculating exact cash inflows is challenging, as Microsoft also shares revenue with OpenAI, returning about 20% of profits from Bing and Azure OpenAI Service. According to TechCrunch, the leak pertains to Microsoft’s net revenue, not gross. Thus, it does not include amounts the corporation paid to the AI startup from Bing and Azure OpenAI royalties.

OpenAI’s Expenditure

Based on the known 20%, OpenAI earned at least $2.5 billion in 2024, and $4.33 billion during the first three quarters of 2025.

The Information previously reported $4 billion in 2024 and $4.3 billion in the first half of 2025.

In November, Sam Altman stated that OpenAI’s revenue “significantly exceeds” $13 billion annually. By the end of 2025, it could reach over $20 billion, and grow to $100 billion by 2027. This is a forecast, not a target based on actual figures.

According to Zitron’s data, OpenAI might have spent approximately $3.8 billion on inference in 2024. This figure increased to $8.65 billion in the first nine months of 2025.

This is one type of expense. Another is the computational resource costs for training artificial intelligence. Although they are mostly non-monetary and are paid with credits provided by Microsoft as part of its investments, writes TechCrunch citing its sources.

Inference expenses are primarily monetary.

Although the figures are not complete, they demonstrate that OpenAI may be spending more on processing user requests than it earns.

This situation intensifies ongoing discussions about a bubble in the artificial intelligence sector. If an AI giant like OpenAI plans an IPO with a trillion-dollar valuation while remaining unprofitable, what is the situation for other startups, TechCrunch journalists wondered.

Back in August, Altman stated that the artificial intelligence sector is in a bubble.