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News of the day
1. Leaked financial documents show OpenAI's revenue soaring but expenses, especially R&D, are even higher, leading to billions in losses. → Read more
2. Anthropic reverses unpopular billing change for Claude Agent SDK, maintaining subscription limits as a price war with OpenAI looms. → Read more
3. Édouard Philippe emphasizes AI's strategic importance for French sovereignty, prosperity, and freedom, calling for European independence in models and computing power. → Read more
4. Insurers are shifting AI investments from efficiency to core risk underwriting, demonstrating tangible business value and ROI with a surge in AI specialists. → Read more
Our take
Hi Dotikers!
Yesterday, VivaTech celebrated its tenth anniversary in grand style, with imported celebrities and sweeping speeches on European sovereignty. Today, the bill arrives.
Audited financial documents, obtained by blogger Ed Zitron and confirmed by the Financial Times, reveal the true scale of the OpenAI chasm: 38.5 billion dollars in losses for 2025, against just 13 billion in revenue.
The number is dizzying. That is roughly seven and a half times the 2024 loss, which had topped out at 5 billion. Expenses, meanwhile, reached 34 billion, including 19 billion in research and development and nearly 6 in marketing. The blunt translation: for every dollar it took in, the company burned 1.60. That is better than last year, when the ratio climbed to 2.37, but it remains far, very far, from the viable model Sam Altman promises at every dinner with journalists.
The contrast with Anthropic stings. The San Francisco rival posts an annualized revenue run rate of 47 billion, a valuation of 965 billion, and above all a reported operating profit of 559 million for the June quarter. Two trajectories, two philosophies of spending.
The thing is, these losses are not an accident but the very structure of the game. Each more powerful model demands more compute to train and more compute to serve. The bill grows faster than revenue, because GPUs, electricity and data centers do not get cheaper when demand rises.
OpenAI has just quietly filed its IPO paperwork: future shareholders will discover that the most admired machine in the tech world is running, for now, at a record loss. The dream is expensive, and someone will eventually present the check.
Alex.
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