After a yr of frenzied dealmaking and rumors of an upcoming IPO, the monetary scrutiny into OpenAI is intensifying. Leaked paperwork obtained by tech blogger Ed Zitron present extra of a glimpse into OpenAI’s financials – particularly its income and compute prices over the previous couple of years.  

Zitron reported this week that in 2024, Microsoft acquired $493.8 million in income share funds from OpenAI. Within the first three quarters of 2025, that quantity jumped to $865.8 million, in line with paperwork he considered.

OpenAI reportedly shares 20% of its income with Microsoft as a part of a earlier deal the place the software program large invested over $13 billion within the highly effective AI startup. (Neither the startup nor the individuals in Redmond have publicly confirmed this share.)

Nonetheless, that is the place issues get a bit of sticky as a result of Microsoft additionally shares income with OpenAI, kicking again about 20% of the revenues from Bing and Azure OpenAI Service, a supply acquainted with the matter informed TechCrunch. Bing is powered by OpenAI, and the OpenAI Service sells cloud entry to OpenAI’s fashions to builders and companies.  

The supply additionally informed TechCrunch that the leaked funds seek advice from Microsoft’s internet income share, not the gross income share. In different phrases, they don’t embody no matter Microsoft paid to OpenAI from Bing and Azure OpenAI royalties. Microsoft deducts these figures from its internally reported income share numbers, in line with this particular person.

Microsoft doesn’t escape how a lot it makes from Bing and Azure OpenAI in its monetary statements, so it’s tough to estimate how a lot the tech large is kicking again.

However, the leaked paperwork present a window into the most well liked firm on the non-public markets at the moment – and never simply how a lot it makes in income, but in addition how a lot it’s spending compared to that income.  

So, primarily based on that broadly reported 20% revenue-share statistic, we are able to infer that OpenAI’s income was at the least $2.5 billion in 2024 and $4.33 billion within the first three quarters of 2025 – however very more likely to be extra. Earlier stories from The Info put OpenAI’s 2024 income at round $4 billion, and its income from the primary half of 2025 at $4.3 billion.  

Altman additionally just lately mentioned OpenAI’s income is “properly extra” than stories of $13 billion a yr, will finish the yr above $20 billion in annualized income run fee (which is a projection, not steerage on precise income) and that the corporate might even hit $100 billion by 2027. 

Per Zitron’s evaluation, OpenAI might have spent roughly $3.8 billion on inference in 2024. That spend elevated to roughly $8.65 billion within the first 9 months of 2025. Inference is the compute used to run a educated AI mannequin to generate responses.  

OpenAI has traditionally virtually solely relied on Microsoft Azure to offer compute entry, although it has additionally struck offers with CoreWeave and Oracle, and extra just lately with AWS and Google Cloud. 

Earlier stories put OpenAI’s total compute spend at roughly $5.6 billion for 2024 and its “price of income” at $2.5 billion for the primary half of 2025.  

A supply acquainted with the matter informed TechCrunch that whereas OpenAI’s coaching spend is usually non-cash – which means, paid by credit Microsoft awarded OpenAI as a part of its funding – the agency’s inference spend is basically money. (Coaching refers back to the compute assets wanted to initially practice a mannequin.)

Whereas not an entire image, these numbers suggest that OpenAI could possibly be spending extra on inference prices than it’s incomes in income. 

And people implications promise so as to add to the incessant AI bubble chatter that has seeped into each dialog from New York Metropolis to Silicon Valley. If mannequin large OpenAI actually nonetheless is within the crimson operating its fashions, what would possibly this imply for the large investments at jaw-dropping valuations for the remainder of the AI world?

OpenAI declined to remark. Microsoft didn’t reply to TechCrunch’s request for remark.

Acquired a delicate tip or confidential paperwork? We’re reporting on the internal workings of the AI trade — from the businesses shaping its future to the individuals impacted by their choices. Attain out to Rebecca Bellan at rebecca.bellan@techcrunch.com or Russell Brandom at russell.brandom@techcrunch.com. For safe communication, you’ll be able to contact them through Sign at @rebeccabellan.491 and russellbrandom.49.