[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-openai-q1-burn-25-billion-leak-zh":3,"article-related-openai-q1-burn-25-billion-leak-zh":31,"series-industry-b84f0508-e987-4f42-b246-ec3882d71ad0":78},{"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":23,"views":27,"created_at":28,"published_at":29,"topic_cluster_id":30},"b84f0508-e987-4f42-b246-ec3882d71ad0","openai-q1-burn-25-billion-leak-zh","OpenAI洩露財報：2025年燒掉385億美元","\u003Cp data-speakable=\"summary\">\u003Ca href=\"\u002Ftag\u002Fopenai\">OpenAI\u003C\u002Fa>泄露財報顯示，2025年營收130.7億美元，但淨虧損達385億美元。\u003C\u002Fp>\u003Cp>OpenAI的2025年財務數據近日外流，並經《\u003Ca href=\"https:\u002F\u002Fwww.ft.com\u002F\" target=\"_blank\" rel=\"noopener\">金融時報\u003C\u002Fa>》獨立核實。數字很直白：全年收入130.7億美元，支出340億美元，淨虧損385億美元。今年第一季度，這家公司又燒掉37億美元，季度收入則是57億美元。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>項目\u003C\u002Fth>\u003Cth>數值\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>2025年營收\u003C\u002Ftd>\u003Ctd>130.7億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年支出\u003C\u002Ftd>\u003Ctd>340億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年淨虧損\u003C\u002Ftd>\u003Ctd>385億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年研發投入\u003C\u002Ftd>\u003Ctd>191.8億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年向微軟支付\u003C\u002Ftd>\u003Ctd>172億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2026年Q1燒錢\u003C\u002Ftd>\u003Ctd>37億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>發生了什麼\u003C\u002Fh2>\u003Cp>這份文件把OpenAI的成本結構攤開了。2025年研發投入達191.8億美元，已經高過全年收入；收入成本75億美元，銷售與市場行銷57.3億美元，一般及行政開支15.7億美元。換句話說，營收在長，但模型訓練、推理與營運開銷長得更快。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289966415-fhrt.png\" alt=\"OpenAI洩露財報：2025年燒掉385億美元\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>文件也顯示，OpenAI去年從非營利轉向營利架構時，出現415.5億美元的可轉換權益與認股權證負債公允價值變動損失。這類項目不一定代表現金真的流出去，但會直接壓低損益表，讓帳面虧損看起來更大。\u003C\u002Fp>\u003Cp>如果把時間線拉開，變化更明顯：2024年營收只有37億美元，2025年就跳到130.7億美元。可同時，2024年淨虧損50.9億美元，2025年擴大到385億美元，代表成長和燒錢是一起加速的。\u003C\u002Fp>\u003Cul>\u003Cli>2024年營收37億美元，2025年升至130.7億美元\u003C\u002Fli>\u003Cli>2024年淨虧損50.9億美元，2025年擴大到385億美元\u003C\u002Fli>\u003Cli>2025年Q1收入57億美元，燒錢37億美元\u003C\u002Fli>\u003Cli>截至季度末，現金與有價證券超過730億美元\u003C\u002Fli>\u003C\u002Ful>\u003Cp>另一個容易被忽略的點是付款流向。OpenAI在2025年向\u003Ca href=\"https:\u002F\u002Fwww.microsoft.com\u002F\" target=\"_blank\" rel=\"noopener\">Microsoft\u003C\u002Fa>支付172億美元，文件顯示其中大頭與研發和營收成本相關。這意味著雲端、算力與基礎設施，仍是AI公司最重的帳單之一。\u003C\u002Fp>\u003Ch2>為什麼重要\u003C\u002Fh2>\u003Cp>對開發者來說，這份財報最直接的\u003Ca href=\"\u002Fnews\u002Fsynergy-quantum-risc-v-quantum-safe-soc-ip-zh\">訊號\u003C\u002Fa>是：大模型不是「用一次就便宜一次」的生意。訓練要錢，推理也要錢，當產品規模擴大後，成本不會自然消失，只會換成更大的算力帳單與更複雜的基礎設施管理。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289970550-jh9d.png\" alt=\"OpenAI洩露財報：2025年燒掉385億美元\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>對產品團隊來說，這也解釋了為什麼許多AI功能會\u003Ca href=\"\u002Fnews\u002Fquintauris-nuclei-automotive-risc-v-zh\">走向\u003C\u002Fa>分級收費、\u003Ca href=\"\u002Ftag\u002Fapi\">API\u003C\u002Fa>限額與企業方案。當一家公司每季仍\u003Ca href=\"\u002Fnews\u002Fstamer-resign-uk-politics-5-changes-zh\">可能\u003C\u002Fa>燒掉數十億美元，定價就不只是商業策略，而是活下去的現金流設計。\u003C\u002Fp>\u003Cp>對市場而言，\u003Ca href=\"\u002Ftag\u002Fipo\">IPO\u003C\u002Fa>並不會因為虧損就直接卡關，但投資人會盯兩件事：收入能否持續高速成長，以及單位算力成本能否下降。OpenAI帳上現金與有價證券超過730億美元，短期不缺資金；但內部預測顯示，2026年仍可能燒掉250億美元，2027年升到570億美元。\u003C\u002Fp>\u003Cp>這也把問題推回最核心的一點：OpenAI到底是在建立一門高毛利軟體生意，還是在經營一個永遠需要外部資金補血的算力工廠。答案會影響整個AI產業的定價、採購和融資節奏。\u003C\u002Fp>\u003Cp>真正的 takeaway 很簡單：如果連OpenAI這種級別的公司都還在高速燒錢，整個\u003Ca href=\"\u002Ftag\u002F生成式ai\">生成式AI\u003C\u002Fa>產業的估值敘事，就還得先經過成本這一關。\u003C\u002Fp>\u003Cp>問題只剩一個：當營收繼續上升時，誰先跑贏的是使用量，還是算力帳單？\u003C\u002Fp>\u003C\u002Fh2>","《金融時報》核實的泄露財報顯示，OpenAI 2025年營收130.7億美元，但淨虧損擴大到385億美元，Q1又燒掉37億美元。","zhuanlan.zhihu.com","https:\u002F\u002Fzhuanlan.zhihu.com\u002Fp\u002F2050927554111002498",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289966415-fhrt.png","industry","zh","c9da4507-f425-4ef3-8268-bc5d1c3a1587",[17,18,19,20,21,22],"OpenAI","財報","虧損","算力成本","Microsoft","AI產業",[24,25,26],"OpenAI 2025年營收130.7億美元，但淨虧損擴大到385億美元。","研發、推理與雲端成本是燒錢主因，且對微軟的支付金額很高。","短期現金充足，但產業焦點已轉向單位成本能否下降。",0,"2026-06-24T08:32:22.652432+00:00","2026-06-24T08:32:22.645+00:00","d6258d2a-ebfe-401c-a2bd-d6d5588d4494",{"tags":32,"relatedLang":37,"relatedPosts":41},[33,35],{"name":21,"slug":34},"microsoft",{"name":17,"slug":36},"openai",{"id":15,"slug":38,"title":39,"language":40},"openai-q1-burn-25-billion-leak-en","250亿美元烧钱：OpenAI财报泄露","en",[42,48,54,60,66,72],{"id":43,"slug":44,"title":45,"cover_image":46,"image_url":46,"created_at":47,"category":13},"4a816ea6-ba6b-4e44-b8b6-3eb89a8242fd","liveramp-openai-deal-2-2b-publicis-sale-zh","LiveRamp 與 OpenAI、Publicis 交易再受關注","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782300772754-thty.png","2026-06-24T11:32:26.184897+00:00",{"id":49,"slug":50,"title":51,"cover_image":52,"image_url":52,"created_at":53,"category":13},"55224fd4-42eb-441a-8c92-8963ab577141","ibm-openai-enterprise-security-ai-zh","IBM 與 OpenAI 押注企業安全 AI","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782299872347-ekd5.png","2026-06-24T11:17:23.468693+00:00",{"id":55,"slug":56,"title":57,"cover_image":58,"image_url":58,"created_at":59,"category":13},"989300c9-69b4-4eb5-bf6f-927601072f6d","nsa-anthropic-loss-export-controls-fast-zh","NSA 失去 Anthropic 存取權，出口管制立刻生效","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782298966432-fbji.png","2026-06-24T11:02:21.508762+00:00",{"id":61,"slug":62,"title":63,"cover_image":64,"image_url":64,"created_at":65,"category":13},"c7ea124c-e31c-47ab-9435-36605d80eb59","cursor-breakthrough-after-eight-false-starts-zh","Cursor 的真正突破，來自八次公開失敗後","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782295382638-ee1z.png","2026-06-24T10:02:24.020183+00:00",{"id":67,"slug":68,"title":69,"cover_image":70,"image_url":70,"created_at":71,"category":13},"4d9ac1d8-e56f-4e0a-b444-9477980509e5","spec-cpu-2017-retirement-pricing-risc-v-zh","SPEC CPU 2017 進入退場期","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289078923-4lhe.png","2026-06-24T08:17:33.238511+00:00",{"id":73,"slug":74,"title":75,"cover_image":76,"image_url":76,"created_at":77,"category":13},"8dd18182-40ae-4223-970b-3d94709216be","synergy-quantum-risc-v-quantum-safe-soc-ip-zh","4 個訊號看懂 Synergy Quantum 的 RISC-V 量子安全 IP","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782288171033-1zso.png","2026-06-24T08:02:24.78924+00:00",[79,84,89,94,99,104,109,114,119,124],{"id":80,"slug":81,"title":82,"created_at":83},"ee073da7-28b3-4752-a319-5a501459fb87","ai-in-2026-what-actually-matters-now-zh","2026 AI 真正重要的事","2026-03-26T07:09:12.008134+00:00",{"id":85,"slug":86,"title":87,"created_at":88},"83bd1795-8548-44c9-9a7e-de50a0923f71","trump-ai-framework-power-speech-state-preemption-zh","川普 AI 框架瞄準電力、言論與州權","2026-03-26T07:12:18.695466+00:00",{"id":90,"slug":91,"title":92,"created_at":93},"ea6be18b-c903-4e54-97b7-5f7447a612e0","nvidia-gtc-2026-big-ai-announcements-zh","NVIDIA GTC 2026 重點拆解","2026-03-26T07:14:26.62638+00:00",{"id":95,"slug":96,"title":97,"created_at":98},"4bcec76f-4c36-4daa-909f-54cd702f7c93","claude-users-spreading-out-and-getting-better-zh","Claude 用戶更分散，也更會用","2026-03-26T07:22:52.325888+00:00",{"id":100,"slug":101,"title":102,"created_at":103},"bd903b15-2473-4178-9789-b7557816e535","openclaw-raises-hard-question-for-ai-models-zh","OpenClaw 逼問 AI 模型價值","2026-03-26T07:24:54.707486+00:00",{"id":105,"slug":106,"title":107,"created_at":108},"eeac6b9e-ad9d-4831-8eec-8bba3f9bca6a","gap-google-gemini-checkout-fashion-search-zh","Gap 把結帳搬進 Gemini","2026-03-26T07:28:23.937768+00:00",{"id":110,"slug":111,"title":112,"created_at":113},"0740e53f-605d-4d57-8601-c10beb126f3c","google-pushes-gemini-transition-to-march-2026-zh","Google 把 Gemini 轉換延到 2026 年 3…","2026-03-26T07:30:12.825269+00:00",{"id":115,"slug":116,"title":117,"created_at":118},"e660d801-2421-4529-8fa9-86b82b066990","metas-llama-4-benchmark-scandal-gets-worse-zh","Meta Llama 4 分數風波又擴大","2026-03-26T07:34:21.156421+00:00",{"id":120,"slug":121,"title":122,"created_at":123},"183f9e7c-e143-40bb-a6d5-67ba84a3a8bc","accenture-mistral-ai-sovereign-enterprise-deal-zh","Accenture 攜手 Mistral AI 賣主權 AI","2026-03-26T07:38:14.818906+00:00",{"id":125,"slug":126,"title":127,"created_at":128},"191d9b1b-768a-478c-978c-dd7431a38149","mistral-ai-faces-its-hardest-year-yet-zh","Mistral AI 迎來最硬的一年","2026-03-26T07:40:23.716374+00:00"]