ChatGPT’s revenue means nothing if reports are to be believed that it loses money on each paying customer on just inference. It’s definitely not enough to support its training costs.

Independent analysis: Inference is very profitable. https://martinalderson.com/posts/are-openai-and-anthropic-re... https://www.snellman.net/blog/archive/2025-06-02-llms-are-ch...

Fair enough, I haven’t updated my assumptions in quite a while.