> Revenue: $3.7 billion

> Cost of Revenue: $2.65 billion

That's how standard accounting rules for public companies would measure it.

> OpenAI Lost $38.5 Billion In 2025

> 2025 — OpenAI Had $13.07 Billion In Revenue, $34 Billion In Costs and Expenses, and $20.92 Billion In Losses, with a net loss attributable to the company of $38.53 Billion

That's not how you measure inference costs though. That includes training.