OpenAI, 2025년 손실 거의 8배 증가… 지출 340억 달러

OpenAI's 2025 net loss surged nearly eightfold to $38.53 billion, driven by non-profit-to-for-profit conversion accounting adjustments and exploding infrastructure costs, with $17.2 billion paid to Microsoft against only $3.03 billion received. The unsustainable burn rate and minimal revenue coverage of operational expenses raise critical questions about whether current losses represent temporary growth investments or fundamental business model failures. Even excluding R&D, OpenAI remains deeply unprofitable, suggesting structural rather than cyclical challenges to long-term viability.