OpenAI Revenue Jumps 50% to $10 Billion, Losses Keep Climbing

Summary

• OpenAI told investors revenue rose roughly 50% quarter-over-quarter to $10 billion in the third quarter.
• Adjusted operating losses still widened to $10.9 billion, with margin at minus 109%.
• Rival Anthropic posted $17 billion in revenue and a far smaller loss before its IPO.

The latest

Revenue at OpenAI climbed roughly 50% from the second quarter to $10 billion in the third, according to documents viewed by The Wall Street Journal, even as adjusted operating losses widened to $10.9 billion from $10.1 billion. The company shared the figures with investors Tuesday, days before rival Anthropic is expected to launch its public listing.

Details

• The margin: OpenAI told investors its adjusted operating margin improved from minus 150% to minus 109% between the second and third quarters, according to documents viewed by The Wall Street Journal. The improvement in percentage terms did not stop the absolute loss from rising, because revenue and spending both grew.
• What's excluded: The loss calculations strip out stock-based compensation, which rose to $2.6 billion in the third quarter, a person familiar with the matter said. Anthropic's reported operating loss includes stock-based compensation, making the two companies' figures not directly comparable.
• The rival's numbers: Anthropic recently disclosed third-quarter revenue of $17 billion and an operating loss of $567 million, according to the Journal. The Claude maker turned a small operating profit in the second quarter, and its sales overtook OpenAI's earlier this year on the strength of its coding tool Claude Code.
• The acceleration: The 50% quarterly growth marks a sharp pickup from the second quarter, when OpenAI grew revenue by only 18% over the first, the Journal previously reported. A year earlier, in the third quarter of 2025, the company reported $3.9 billion in sales and an operating margin of minus 97%.
• Paying users: OpenAI told investors paying ChatGPT subscribers grew to roughly 100 million, or 8.5% of total weekly active users, slightly above the previous quarter's share. The company did not disclose results for the advertising business it launched on ChatGPT this year, which it expects to lift margins.
• The enterprise push: OpenAI has cut prices on its latest models and hired Dali Rajic as chief revenue officer to win share in the enterprise market, which accounts for a steadily larger share of sales. Third-party data showed OpenAI gained ground in the third quarter as some businesses sought cheaper alternatives to Claude.
• The executive line: At the WSJ Tech conference in Napa Valley earlier this month, OpenAI President Greg Brockman said the year's first two quarters were rough but the third brought an "incredible revenue inflection," citing a new partnership with JPMorgan Chase.
• The funding squeeze: Both companies have been hurt by the recent tech selloff. OpenAI raised less than half of its initial $30 billion target in its latest financing round and is still seeking backers. Anthropic is targeting a $1.33 trillion valuation, down from the roughly $2 trillion floated months ago, the Journal reported.
• The cost base: OpenAI carries a large consumer business and research programs spanning robotics and image generation. Anthropic has built more narrowly for enterprise customers, a focus that has left its revenue more concentrated on that segment.

Between the lines

The improving margin and the widening loss describe the same quarter because OpenAI is buying growth: price cuts on its newest models and a broad research footprint raise spending as fast as revenue arrives. With a funding round that fell short of target, the gap with Anthropic's leaner cost structure becomes an investor question, not just an operating one.

What's next

Anthropic's listing is expected next week at a $1.33 trillion valuation target. Watch whether OpenAI fills out the rest of its financing round, and whether fourth-quarter figures show enterprise sales and ChatGPT advertising narrowing the loss.

Source: The Wall Street Journal