Leaked Audited Financials Show OpenAI Lost $38.5 Billion in 2025, ChatGPT Market Share Falls Below 50%
English summary
Leaked audited financials reveal OpenAI generated $13.07 billion in revenue but posted a net loss of $38.53 billion in 2025, driven by $41.55 billion in equity revaluation losses and $20.92 billion in operating losses. Payments to Microsoft for R&D and services totaled $17.2 billion. Concurrent Sensor Tower data shows ChatGPT's share of the AI assistant market slipped to 46.4% by May 2026, down from over 50% earlier in the year, as Google Gemini (27.7%) and Anthropic Claude (10.3%) gained ground. Anthropic now leads in enterprise API spending share and engineer poaching. Chinese open-source models from DeepSeek, Alibaba Qwen, and others are capturing developer usage via dramatically lower pricing and competitive performance, further eroding OpenAI's pricing power. While OpenAI has confidentially filed for an IPO, the financials force a critical narrative shift: whether its multi-hundred-billion-dollar losses represent infrastructure for a monopolistic AI entry point or an increasingly expensive arms race against diversified competitors.
Chinese summary
据泄露的审计财务文件，OpenAI在2025年实现营收130.7亿美元，但因可转换权益公允价值变动等重组损失，净亏损高达385.3亿美元，经营亏损209.2亿美元，当年向微软支付总计172亿美元研发、营业等费用。Sensor Tower同期数据显示，ChatGPT在AI助手市场的份额从年初的50%以上滑落至5月底的46.4%，谷歌Gemini升至27.7%，Anthropic Claude占10.3%，且Anthropic在企业API支出和人才争夺中已反超OpenAI。中国开源模型DeepSeek、通义千问等以极低的价格（如DeepSeek V4-Pro API比GPT-5.5便宜十一倍）和可竞争的性能迅速占领开发者份额，正在重塑全球模型供给格局。OpenAI已秘密递交IPO草案，此时巨额亏损曝光，市场须判断其究竟是通往垄断入口的前期投入，还是一场成本日益高昂的全方位模型军备竞赛。
Key points
OpenAI's 2025 audited financials: $13.07B revenue, $38.53B net loss (including $41.55B equity revaluation hit), and $17.2B paid to Microsoft.
2025年审计财务：营收130.7亿美元，净亏损385.3亿美元（含415.5亿美元权益重估损失），向微软支付172亿美元。
ChatGPT's market share fell below 50% for the first time (46.4% by May 2026), with Google Gemini capturing 27.7% and Claude 10.3%.
ChatGPT市场份额首次跌破50%（5月底46.4%），Gemini升至27.7%，Claude为10.3%。
Anthropic leads in enterprise API spending (40% vs. OpenAI 27%) and engineer poaching (8x flow from OpenAI to Anthropic).
Anthropic在企业API支出中占40%（OpenAI仅27%），且从OpenAI挖走工程师的逆差达八倍。
Chinese open-source models (DeepSeek, Qwen, GLM, Kimi) are aggressively gaining adoption with dramatic price cuts, surpassing GPT-5.5 by 11x cheaper API costs and dominating OpenRouter call volume.
中国开源模型（DeepSeek、Qwen、GLM等）通过大幅降价（API比GPT-5.5便宜超11倍）吸引开发者，在OpenRouter调用量前十中批量霸榜。
OpenAI has confidentially filed for IPO, and the leaked losses force investors to assess whether massive deficits are a path to monopoly or a costly arms race.
OpenAI已秘密递交IPO草案，巨额亏损曝光后投资者需评估烧钱背后的垄断叙事是否成立。