Leaked audited financials show OpenAI made $13.07 billion in revenue against $34 billion in costs in 2025
SoftBank and Microsoft contributed $1.17 billion of that revenue.
SoftBank and Microsoft contributed $1.17 billion of that revenue.
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This might be true only if they keep training the best models, and we can see from R&D cost that it ain’t cheap. If open source model get as good as frontier model then all bets are off for the labs. As you have seen they are already considering slashing prices, that will make their margins fundamentally worse than any software business
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Here's a fun piece from Ed Zitron in late 2024 talking about how implausible OAI's revenue estimates for '25 were (they beat them by over $1bn) and how margins will come down due to reasoning models (his numbers show gross margins improving). https://x.com/ByrneHobart/status/2066983710251946097/photo/1 https://twitter.com/edzitron/status/2066732330954478008
