[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-openai-q1-burn-25-billion-leak-zh":3,"article-related-openai-q1-burn-25-billion-leak-zh":30,"series-industry-b84f0508-e987-4f42-b246-ec3882d71ad0":73},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":11,"keywords":15,"key_takeaways":22,"views":26,"created_at":27,"published_at":28,"topic_cluster_id":29},"b84f0508-e987-4f42-b246-ec3882d71ad0","openai-q1-burn-25-billion-leak-zh","OpenAI洩露財報：2025年燒掉385億美元","\u003Cp data-speakable=\"summary\">\u003Ca href=\"\u002Ftag\u002Fopenai\">OpenAI\u003C\u002Fa>泄露財報顯示，2025年營收130.7億美元，但淨虧損達385億美元。\u003C\u002Fp>\u003Cp>OpenAI的2025年財務數據近日外流，並經《\u003Ca href=\"https:\u002F\u002Fwww.ft.com\u002F\" target=\"_blank\" rel=\"noopener\">金融時報\u003C\u002Fa>》獨立核實。數字很直白：全年收入130.7億美元，支出340億美元，淨虧損385億美元。今年第一季度，這家公司又燒掉37億美元，季度收入則是57億美元。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>項目\u003C\u002Fth>\u003Cth>數值\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>2025年營收\u003C\u002Ftd>\u003Ctd>130.7億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年支出\u003C\u002Ftd>\u003Ctd>340億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年淨虧損\u003C\u002Ftd>\u003Ctd>385億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年研發投入\u003C\u002Ftd>\u003Ctd>191.8億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2025年向微軟支付\u003C\u002Ftd>\u003Ctd>172億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2026年Q1燒錢\u003C\u002Ftd>\u003Ctd>37億美元\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>發生了什麼\u003C\u002Fh2>\u003Cp>這份文件把OpenAI的成本結構攤開了。2025年研發投入達191.8億美元，已經高過全年收入；收入成本75億美元，銷售與市場行銷57.3億美元，一般及行政開支15.7億美元。換句話說，營收在長，但模型訓練、推理與營運開銷長得更快。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289966415-fhrt.png\" alt=\"OpenAI洩露財報：2025年燒掉385億美元\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>文件也顯示，OpenAI去年從非營利轉向營利架構時，出現415.5億美元的可轉換權益與認股權證負債公允價值變動損失。這類項目不一定代表現金真的流出去，但會直接壓低損益表，讓帳面虧損看起來更大。\u003C\u002Fp>\u003Cp>如果把時間線拉開，變化更明顯：2024年營收只有37億美元，2025年就跳到130.7億美元。可同時，2024年淨虧損50.9億美元，2025年擴大到385億美元，代表成長和燒錢是一起加速的。\u003C\u002Fp>\u003Cul>\u003Cli>2024年營收37億美元，2025年升至130.7億美元\u003C\u002Fli>\u003Cli>2024年淨虧損50.9億美元，2025年擴大到385億美元\u003C\u002Fli>\u003Cli>2025年Q1收入57億美元，燒錢37億美元\u003C\u002Fli>\u003Cli>截至季度末，現金與有價證券超過730億美元\u003C\u002Fli>\u003C\u002Ful>\u003Cp>另一個容易被忽略的點是付款流向。OpenAI在2025年向\u003Ca href=\"https:\u002F\u002Fwww.microsoft.com\u002F\" target=\"_blank\" rel=\"noopener\">Microsoft\u003C\u002Fa>支付172億美元，文件顯示其中大頭與研發和營收成本相關。這意味著雲端、算力與基礎設施，仍是AI公司最重的帳單之一。\u003C\u002Fp>\u003Ch2>為什麼重要\u003C\u002Fh2>\u003Cp>對開發者來說，這份財報最直接的\u003Ca href=\"\u002Fnews\u002Fsynergy-quantum-risc-v-quantum-safe-soc-ip-zh\">訊號\u003C\u002Fa>是：大模型不是「用一次就便宜一次」的生意。訓練要錢，推理也要錢，當產品規模擴大後，成本不會自然消失，只會換成更大的算力帳單與更複雜的基礎設施管理。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289970550-jh9d.png\" alt=\"OpenAI洩露財報：2025年燒掉385億美元\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>對產品團隊來說，這也解釋了為什麼許多AI功能會\u003Ca href=\"\u002Fnews\u002Fquintauris-nuclei-automotive-risc-v-zh\">走向\u003C\u002Fa>分級收費、\u003Ca href=\"\u002Ftag\u002Fapi\">API\u003C\u002Fa>限額與企業方案。當一家公司每季仍\u003Ca href=\"\u002Fnews\u002Fstamer-resign-uk-politics-5-changes-zh\">可能\u003C\u002Fa>燒掉數十億美元，定價就不只是商業策略，而是活下去的現金流設計。\u003C\u002Fp>\u003Cp>對市場而言，\u003Ca href=\"\u002Ftag\u002Fipo\">IPO\u003C\u002Fa>並不會因為虧損就直接卡關，但投資人會盯兩件事：收入能否持續高速成長，以及單位算力成本能否下降。OpenAI帳上現金與有價證券超過730億美元，短期不缺資金；但內部預測顯示，2026年仍可能燒掉250億美元，2027年升到570億美元。\u003C\u002Fp>\u003Cp>這也把問題推回最核心的一點：OpenAI到底是在建立一門高毛利軟體生意，還是在經營一個永遠需要外部資金補血的算力工廠。答案會影響整個AI產業的定價、採購和融資節奏。\u003C\u002Fp>\u003Cp>真正的 takeaway 很簡單：如果連OpenAI這種級別的公司都還在高速燒錢，整個\u003Ca href=\"\u002Ftag\u002F生成式ai\">生成式AI\u003C\u002Fa>產業的估值敘事，就還得先經過成本這一關。\u003C\u002Fp>\u003Cp>問題只剩一個：當營收繼續上升時，誰先跑贏的是使用量，還是算力帳單？\u003C\u002Fp>\u003C\u002Fh2>","《金融時報》核實的泄露財報顯示，OpenAI 2025年營收130.7億美元，但淨虧損擴大到385億美元，Q1又燒掉37億美元。","zhuanlan.zhihu.com","https:\u002F\u002Fzhuanlan.zhihu.com\u002Fp\u002F2050927554111002498",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1782289966415-fhrt.png","industry","zh",[16,17,18,19,20,21],"OpenAI","財報","虧損","算力成本","Microsoft","AI產業",[23,24,25],"OpenAI 2025年營收130.7億美元，但淨虧損擴大到385億美元。","研發、推理與雲端成本是燒錢主因，且對微軟的支付金額很高。","短期現金充足，但產業焦點已轉向單位成本能否下降。",4,"2026-06-24T08:32:22.652432+00:00","2026-06-24T08:32:22.645+00:00","d6258d2a-ebfe-401c-a2bd-d6d5588d4494",{"tags":31,"relatedLang":11,"relatedPosts":36},[32,34],{"name":20,"slug":33},"microsoft",{"name":16,"slug":35},"openai",[37,43,49,55,61,67],{"id":38,"slug":39,"title":40,"cover_image":41,"image_url":41,"created_at":42,"category":13},"45eef4b4-fff9-4bbc-9860-a3820395f5c9","webx-2026-speaker-lineup-conference-brief-zh","WebX 2026 把聲量拆成會議簡報","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1783928000041-ukar.png","2026-07-13T07:32:54.333855+00:00",{"id":44,"slug":45,"title":46,"cover_image":47,"image_url":47,"created_at":48,"category":13},"61a27712-a243-481e-9a47-fa84f552ac36","ai-weekly-2026-w29-zh","AI 週報：2026-07-06 ~ 2026-07-13","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1783916422596-zvn0.png","2026-07-13T04:00:33.233975+00:00",{"id":50,"slug":51,"title":52,"cover_image":53,"image_url":53,"created_at":54,"category":13},"9ca76a1c-f59b-4633-9d7e-45a1ce18495d","ai-act-europe-operating-system-ai-zh","AI Act 應被視為歐洲 AI 的作業系統","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1783902767441-90pc.png","2026-07-13T00:32:21.395542+00:00",{"id":56,"slug":57,"title":58,"cover_image":59,"image_url":59,"created_at":60,"category":13},"39624a31-f79e-444f-9850-cabad1885429","booz-allen-openai-deal-real-ai-advantage-zh","Booz Allen 的 OpenAI 合作是真優勢，不是噱頭","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1783900966921-i3t0.png","2026-07-13T00:02:18.55857+00:00",{"id":62,"slug":63,"title":64,"cover_image":65,"image_url":65,"created_at":66,"category":13},"d1753385-8c03-4dec-b939-e5ca8bae9030","opensearch-vector-search-benchmark-5-parts-zh","OpenSearch 向量搜尋基準的 5 種跑法","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1783850566022-b79s.png","2026-07-12T10:02:22.269045+00:00",{"id":68,"slug":69,"title":70,"cover_image":71,"image_url":71,"created_at":72,"category":13},"6e790897-c9af-402c-a928-f2b0cc02f4e6","vector-databases-work-in-production-zh","4 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AI 賣主權 AI","2026-03-26T07:38:14.818906+00:00",{"id":120,"slug":121,"title":122,"created_at":123},"191d9b1b-768a-478c-978c-dd7431a38149","mistral-ai-faces-its-hardest-year-yet-zh","Mistral AI 迎來最硬的一年","2026-03-26T07:40:23.716374+00:00"]