OpenAI generated US$4.3 billion in revenue in the first half of 2025, according to financial disclosures to shareholders.

The artificial intelligence firm reported a net loss of US$13.5 billion during the same period, with more than half attributed to the remeasurement of convertible interest rights.

Research and development expenses were its largest cost, totaling US$6.7 billion in the first half.

OpenAI also spent US$2 billion on sales and ad—nearly double what it spent in all of 2024—and about US$2.5 billion on stock-based compensation, nearly double the amount from the first half of last year.

Operating losses reached US$7.8 billion, and the company said it burned US$2.5 billion in cash.

OpenAI paid Microsoft 20% of its revenue under an existing agreement.

At the end of June, the company held roughly US$17.5 billion in cash and securities, boosted by US$10 billion in new funding, and as of the end of July, was seeking an additional US$30 billion from investors.

A tender offer underway values OpenAI’s for-profit arm at about US$500 billion.

🔗 Source: The Information

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