[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-openai-q1-burn-25-billion-leak-en":3,"article-related-openai-q1-burn-25-billion-leak-en":30,"series-industry-c9da4507-f425-4ef3-8268-bc5d1c3a1587":77},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":22,"views":26,"created_at":27,"published_at":28,"topic_cluster_id":29},"c9da4507-f425-4ef3-8268-bc5d1c3a1587","openai-q1-burn-25-billion-leak-en","250亿美元烧钱：OpenAI财报泄露","\u003Cp data-speakable=\"summary\">\u003Ca href=\"\u002Ftag\u002Fopenai\">OpenAI\u003C\u002Fa>泄露财报显示其2025年营收130.7亿美元、净亏损385亿美元。\u003C\u002Fp>\u003Cp>OpenAI 2025年财务数据近日被泄露并经《金融时报》独立核实，显示这家公司在营收快速增长的同时，亏损也在扩大。文中披露，OpenAI全年收入130.7亿美元，支出340亿美元，净亏损385亿美元；今年第一季度又烧掉37亿美元，季度收入为57亿美元。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>項目\u003C\u002Fth>\u003Cth>數值\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>2025年营收\u003C\u002Ftd>\u003Ctd>130.7亿美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年支出\u003C\u002Ftd>\u003Ctd>340亿美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年净亏损\u003C\u002Ftd>\u003Ctd>385亿美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年研发投入\u003C\u002Ftd>\u003Ctd>191.8亿美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年向微软支付\u003C\u002Ftd>\u003Ctd>172亿美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2026年Q1烧钱\u003C\u002Ftd>\u003Ctd>37亿美元\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>What changed\u003C\u002Fh2>\u003Cp>泄露文件把OpenAI的成本结构摊开了：2025年研发投入191.8亿美元，超过全年收入；收入成本75亿美元，销售和市场营销57.3亿美元，一般及行政开支15.7亿美元。换句话说，收入增长很快，但推理、训练和运营开销涨得更快。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289972793-82om.png\" alt=\"250亿美元烧钱：OpenAI财报泄露\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>文件还显示，OpenAI去年从非营利转向营利架构时，触发了415.5亿美元的可转换权益与认股权证负债公允价值变动损失。这类损失不是现金流出，但会直接压低利润表，让账面亏损被放大。\u003C\u002Fp>\u003Cul>\u003Cli>2024年营收37亿美元，2025年升至130.7亿美元\u003C\u002Fli>\u003Cli>2024年净亏损50.9亿美元，2025年扩大到385亿美元\u003C\u002Fli>\u003Cli>2025年Q1收入57亿美元，烧钱37亿美元\u003C\u002Fli>\u003Cli>截至季度末，现金和有价证券超过730亿美元\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>Why it matters\u003C\u002Fh2>\u003Cp>对开发者来说，这份财报最直接的信号是：大模型调用和推理并不便宜，且规模越大，算力和基础设施成本越难压住。OpenAI把172亿美元支付给微软，其中大头与研发和营收成本有关，说明云和算力供应链仍是AI公司最重的账单之一。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289966825-pvjd.png\" alt=\"250亿美元烧钱：OpenAI财报泄露\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>对市场来说，\u003Ca href=\"\u002Ftag\u002Fipo\">IPO\u003C\u002Fa>并不会因为亏损自动卡死，但投资人会盯住两个问题：收入能否继续高速增长，单位算力成本能否随着模型效率改善而下降。OpenAI账上现金超过730亿美元，短期不缺钱，但内部预测显示，2026年仍可能烧掉250亿美元，2027年升至570亿美元。\u003C\u002Fp>\u003Cp>这份泄露财报真正抛出的问题不是“OpenAI会不会上市”，而是“它要多久才能把增长换成利润”。\u003C\u002Fp>","泄露财报显示，OpenAI 2025年营收130.7亿美元、净亏损385亿美元，Q1又烧掉37亿美元。","zhuanlan.zhihu.com","https:\u002F\u002Fzhuanlan.zhihu.com\u002Fp\u002F2050927554111002498",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289972793-82om.png","industry","en","b84f0508-e987-4f42-b246-ec3882d71ad0",[17,18,19,20,21],"OpenAI","财报","IPO","亏损","算力成本",[23,24,25],"2025年OpenAI营收130.7亿美元，但净亏损扩大到385亿美元。","Q1收入57亿美元，现金消耗37亿美元，烧钱速度仍高。","账上现金超过730亿美元，短期融资压力缓解，但长期成本压力未解。",0,"2026-06-24T08:32:23.070052+00:00","2026-06-24T08:32:23.062+00:00","e63df91b-385f-44c9-b3f6-44a1a0e4b505",{"tags":31,"relatedLang":36,"relatedPosts":40},[32,34],{"name":17,"slug":33},"openai",{"name":19,"slug":35},"ipo",{"id":15,"slug":37,"title":38,"language":39},"openai-q1-burn-25-billion-leak-zh","OpenAI洩露財報：2025年燒掉385億美元","zh",[41,47,53,59,65,71],{"id":42,"slug":43,"title":44,"cover_image":45,"image_url":45,"created_at":46,"category":13},"d71a45dc-36cc-4f07-aedd-26cacdfa58a8","liveramp-openai-deal-2-2b-publicis-sale-en","LiveRamp’s OpenAI deal and $2.2B Publicis sale","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782300770756-amwh.png","2026-06-24T11:32:26.738896+00:00",{"id":48,"slug":49,"title":50,"cover_image":51,"image_url":51,"created_at":52,"category":13},"108abf8b-d87e-4330-aa5f-8c984e1e92f2","ibm-openai-enterprise-security-ai-en","IBM and OpenAI bet on enterprise security AI","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782299873360-a47d.png","2026-06-24T11:17:23.887617+00:00",{"id":54,"slug":55,"title":56,"cover_image":57,"image_url":57,"created_at":58,"category":13},"c00f2e9d-ffe8-46cf-a2f1-0779066006c0","nsa-anthropic-loss-export-controls-fast-en","NSA’s Anthropic loss shows export controls bite fast","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782298966272-x0n9.png","2026-06-24T11:02:21.990765+00:00",{"id":60,"slug":61,"title":62,"cover_image":63,"image_url":63,"created_at":64,"category":13},"02a3e95a-4498-494d-bd25-516393c4e302","cursor-breakthrough-after-eight-false-starts-en","Cursor’s real breakthrough came after eight public false starts","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782295382768-i6bj.png","2026-06-24T10:02:24.51084+00:00",{"id":66,"slug":67,"title":68,"cover_image":69,"image_url":69,"created_at":70,"category":13},"dbc1bafa-0fc4-4b39-b9a1-df2bd6f5a034","spec-cpu-2017-retirement-pricing-risc-v-en","SPEC CPU 2017 is entering 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