OpenAI is losing money far faster than it earns it, which is bad news for its investors and for everyone betting the AI boom is on solid ground.

• Leaked audited books show OpenAI lost more in 2025 than it has earned in its whole history, even as revenue jumped past $13 billion.
• Its cash burn is set to roughly double again in 2027, and it has now committed over a trillion dollars to future computing deals.
• Much of the "record AI demand" is a loop: Nvidia invests in OpenAI, OpenAI pays cloud firms, cloud firms buy Nvidia chips — the same money counted three times.
• Michael Burry says the whole industry is stretching how long its chips stay useful, hiding huge costs and making profits look better than they are.
• The plan to reach $100 billion in yearly sales by 2030 rests on ads and on getting a third of humanity to use ChatGPT weekly.

Outlook: OpenAI is pushing toward an IPO at up to a trillion dollars, but if funding, chip math, ad money, or cheap power slips even slightly, the next round gets much harder to raise.