In detail
- 2025 revenue reported at $13.07 billion; near $2 billion monthly run‑rate late 2025.
- R&D jumped from $7.81B in 2024 to $19.18B in 2025; includes $10.59B paid to Microsoft in 2025.
- Cost of revenue rose to $7.5B in 2025; sales & marketing to $5.73B.
- Loss from operations grew from $8.78B (2024) to $20.92B (2025); headline net loss inflated by accounting charges tied to corporate restructuring.
Why it matters
Rapidly rising training and inference costs are outpacing revenue growth, implying pressure on pricing, margins and partner economics across the AI ecosystem.
For you Assess vendor concentration and cost risk with AI suppliers; plan for potential price increases or renegotiations as providers push to cover compute and R&D costs.