Our 2025 annual report
The audited numbers for Curos's first full year: $8.4M raised, where it came from, and where it went.
A year ago we published our first transparency report, a six-week snapshot. Today we publish the real thing: the audited annual report for Curos’s first full year, 2025. Every number below is also in the audited statements. This post is the plain-language version.
Where the money came from
In 2025, Curos raised $8.4 million across four categories:
| Source | Share |
|---|---|
| Philanthropic foundation grants | 52% |
| Individual donations | 24% |
| Government research grants | 17% |
| Program services (at-cost API access) | 7% |
No single funder contributed more than 30% of our total, which is a threshold we watch closely. Independence has a price, and concentration is the bill.
Where the money went
| Spending | Share |
|---|---|
| Research & engineering | 58% |
| Compute | 21% |
| Safety & evaluations | 10% |
| Governance & compliance | 4% |
| Community & outreach | 4% |
| General & administrative | 3% |
The largest share by far is people — the researchers and engineers who build and test the models. Compute is second, and it is the line that keeps us honest about our efficiency work: every percent we shave off serving cost is a percent we can redirect to research.
What we are proud of
The mix. Individual donations grew from a rounding error in January to a quarter of our funding by December. That is not just money — it is thousands of people choosing to fund AI that answers to them. No single category dominates, and no funder has a product veto.
What we are watching
Foundation concentration. Half our funding comes from a small number of philanthropic foundations, and foundation priorities shift. The 2026 goal is to keep diversifying, especially through individual donations and public research funding, so that no one actor — and no group of actors — can bend what we build.
The report itself
The full annual report, with the audited statements, is on the transparency page. Read the numbers, not just this summary. If you find something in them that bothers you, write to us — the point of publishing them is to be held accountable to them.
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