OpenAI's leaked financials show who is actually winning the AI arms race

OpenAI's leaked 2025 financials show a $20.92 billion operating loss on $13 billion in revenue, with 2026 losses tracking toward $28 billion annually. The numbers are bruising for OpenAI's IPO narrative but quietly bullish for Nvidia and Microsoft, who collectively absorbed $17.2 billion of OpenAI's spending and stand to collect billions more as the AI arms race accelerates.