Leaked Audited Financials Show OpenAI Lost $38.5 Billion in 2025, ChatGPT Market Share Falls Below 50%
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.