OpenAI has become increasingly optimistic about the revenue it expects to generate from both consumers and businesses, pushing up its projections for the next five years . Clouding those forecasts, however, are escalating cloud server costs that have outstripped revenue growth. Those pressures were stark last year, when OpenAI’s gross margins fell to 33% from 40% in 2024, missing its own forecasts of 46%. Archrival Anthropic, which also recently raised its revenue forecasts , said in December it anticipated 2025 gross margins of 40%. While that’s a big improvement from a negative 94% gross margin in 2024, it was still 10 percentage points short of Anthropic’s earlier goal.