Leaked financial documents provide a rare glimpse into the inner workings of OpenAI, one of the most closely watched companies in the artificial intelligence space. The data reveals a complex financial relationship with Microsoft, substantial revenue growth, and rapidly escalating compute costs that raise questions about the company’s long-term profitability.
Revenue and Microsoft’s Share
OpenAI shares a significant portion of its revenue with Microsoft as part of a multi-billion dollar investment deal. According to the leaked documents, Microsoft received $493.8 million in revenue share payments from OpenAI in 2024. This figure jumped to $865.8 million in the first three quarters of 2025 alone. The arrangement stipulates that OpenAI shares roughly 20% of its revenue with Microsoft, though neither company has publicly confirmed this exact percentage.
However, the financial flow isn’t one-way. Microsoft also shares revenue with OpenAI, kicking back approximately 20% of the earnings from Bing and Azure OpenAI Service. This reciprocal arrangement highlights the deep integration between the two companies, with Bing powered by OpenAI’s models and Azure OpenAI Service providing cloud access to businesses and developers. The leaked numbers represent Microsoft’s net revenue share, meaning that royalties from Bing and Azure OpenAI are deducted before the final payout to OpenAI.
Rising Compute Costs: A Growing Concern
The leaked data reveals a critical trend: OpenAI’s compute costs are surging. In 2024, the company spent roughly $3.8 billion on inference – the computational power required to run trained AI models and generate responses. This figure ballooned to approximately $8.65 billion in the first nine months of 2025.
This escalating cost structure raises serious questions about OpenAI’s profitability. While the company’s revenue has grown significantly – estimates suggest at least $2.5 billion in 2024 and $4.33 billion in the first three quarters of 2025 – its spending on inference may be outpacing its earnings. Sam Altman has stated that OpenAI’s revenue is “well more” than reported, potentially exceeding $20 billion annually, but the leaked data suggests that the company could be operating at a loss when considering its compute expenses.
Microsoft Azure Dependence and Diversification
Historically, OpenAI has relied almost exclusively on Microsoft Azure for its compute needs. However, the company has recently diversified its partnerships, striking deals with CoreWeave, Oracle, AWS, and Google Cloud. This shift suggests that OpenAI is attempting to reduce its dependence on a single provider and negotiate more favorable terms.
Implications for the AI Bubble
These leaked figures have broader implications for the AI industry. If OpenAI, one of the most highly valued private companies, is struggling to balance revenue and expenses, it raises concerns about the sustainability of the current AI boom. The inflated valuations of AI startups may be unsustainable if they cannot generate sufficient revenue to cover their compute costs.
OpenAI declined to comment on the leaked documents, and Microsoft did not respond to requests for comment. The financial reality revealed in these documents underscores the challenges of building a profitable AI business, even for the industry’s most prominent players
