Bad news for AI investors: OpenAI is burning through cash with no clear path to profit.

• OpenAI lost over $20 billion in 2025, worse than WeWork's famous collapse.
• Costs rise right alongside revenue, so the money-losing gap never closes.
• Every new model costs more to run than the last one, so margins keep getting worse, not better.
• The old bet that scale fixes losses — like Amazon early on — isn't holding up here.
• OpenAI may push its stock listing to 2027 after failing to land a trillion-dollar valuation.

Outlook: Expect more pressure on AI companies to prove they can actually make money, or watch valuations slide.