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Chapter 1: What is the main topic discussed in this episode?
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I'm Ed Zitron, this is Better Offline, and I've seen OpenAI's automated financials for 2024 and 2025 play the goddamn music, man!
Today, I can exclusively report based on audited financial documents viewed by this podcast that have been independently verified by the Financial Times that OpenAI lost around $38.5 billion in 2025, growing said losses by nearly 800% year over year, as well as other crucial details about the financial condition of this company.
Due to the seriousness of this story, I'm not going to do very much editorializing. I'm going to keep things straight-laced as the numbers speak for themselves, and, well, I want to come up with better jokes. But no, seriously, folks, we've got to take this one seriously. I'm serious. I'm also going to somewhat punt on giving every single number here.
You can find the companion newsletter in the show notes, which goes into much more detail. But I want to give you the top line and let you know that I intend to do more with this. But I had to get this out when I had to get it out. And there were, by the way, no situations where I was trying to delay this. This went out the second I could. Let's start with 2024.
OpenAI had $3.7 billion in revenue, $12.4 billion in costs and expenses, and a net loss attributable to OpenAI of $5.09 billion. Its cost of revenue was $2.65 billion, and its R&D costs were $7.81 billion. I do not have a breakdown of how these terms are defined.
Technically, OpenAI was left with an $8.84 billion loss at the end of 2024, but it then marked $3.74 billion of losses as net loss attributable to non-controlling members' capital, leaving the net loss attributable to the company, as I mentioned, at $5.09 billion. I won't speculate as to what that means. In 2025, OpenAI had around $38.5 billion in losses attributable to the company.
Its revenue was $13.07 billion, its cost of revenue was $7.5 billion, and its R&D was $19.18 billion. Please note that 2025 was also the year that OpenAI converted from a non-profit to a for-profit entity, leading to a $41.55 billion loss due to changes in the fair value of convertible interest and warrant liability.
In the end, OpenAI is left with a net loss of $60.35 billion, which it lowered to $38.53 billion by removing $17.87 billion in costs via that net loss attributable to non-controlling members' capital line. and another $3.95 billion via a net loss attributable to redeeming non-controlling interests. It's unclear what these terms mean. They are not defined and I have nothing else to add there.
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Chapter 2: What financial losses did OpenAI report for 2025?
More to come. Zitron out.
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All right, listen up. The Jonas Brothers here. Our podcast is called Hey Jonas. Since everyone has a podcast, we wanted to as well. And we've had some incredible guests so far. And now our good friend Niall Horan is joining the show. How's it going, boys? Hey, Niall. It's the same thing with Slow Hands. Slow Hands is not about anything else, really, is it?
You know, our taste so good can't be about food. You do the same, Nick, with some of the stuff that you've done. You too, Joe. Drop what you're doing and listen to Hey Jonas on the iHeartRadio app, Apple Podcasts, or wherever you listen to your podcasts.
Here's something that should not be as complicated as it is, getting a racist statue removed. And here's something that should be a whole lot easier than it is, getting a new one put up in its place. I'm Akilah Hughes, and Rebel Spirit Season 2 is about both of those things.
As I was watching these statues come down, I was thinking about what it meant that I grew up in a majority Black city, in which there were more homages to enslavers than there were to enslaved people.
Listen to Rebel Spirit Season 2 on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts.
Can superstars even exist the way they used to? 2016 was sort of that last era of monoculture where we still consumed things in community. Everybody wanted to be Beyonce at that point. I don't think we'll ever see another Rihanna. What does it mean to be Black and eat in America? You will never make me feel bad for being a Black girl, for being a Black American girl, ever.
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