OpenAI’s quarterly revenue rises nearly 50% to $10 billion, but its operating loss also tops $10 billion

OpenAI’s third-quarter revenue rose nearly 50% to $10 billion¹. The company shared the figures with investors on a call on Tuesday². Quarterly revenue crossed $10 billion for the first time, according to the reports⁵.

Its operating loss also topped $10 billion², and losses increased to $10.9 billion³. The operating loss widened⁶.

President Greg Brockman, Chief Financial Officer Sarah Friar and Thibault Sottiaux, a product leader, spoke on the call¹. Brockman called the quarter an incredible revenue turning point and pointed to major customers such as JPMorgan Chase⁴.

The figures cover the third quarter and were disclosed to investors rather than in a public filing^1,2.

Why it matters to investors

Enterprise sales pushed quarterly revenue to $10 billion⁴, with growth driven by AI software⁶. The result narrowed OpenAI’s revenue gap with Anthropic³, though OpenAI still trails its rival⁴.

The timing places OpenAI’s numbers next to Anthropic’s public offering. Anthropic is seeking a $1.4 trillion valuation in an IPO likely to happen soon⁵. OpenAI’s results give investors a comparison point for the economics of a large AI lab: revenue near $10 billion a quarter alongside an operating loss of a similar size^2,3.

The figures show that revenue growth has not yet closed the gap with costs. With losses at $10.9 billion³ and revenue at $10 billion¹, the company spent more than it brought in during the quarter.

Brockman’s description of the quarter as a turning point⁴ contrasts with the size of the loss³. Both point to a company growing quickly while still investing heavily ahead of its revenue^2,6.

What to watch

The first test is whether enterprise demand keeps rising, since it drove the quarter⁴. A second is whether the operating loss narrows as revenue grows, after it widened in the third quarter^2,6.

The comparison with Anthropic will sharpen as its IPO proceeds⁵. Investors will look at whether OpenAI continues to narrow the revenue gap³ and how public markets value the two companies’ growth against their losses.

Further disclosures from the investor call, including any guidance from Friar, would help clarify the path to profitability^1,2.

The scale of the loss relative to revenue will also be compared with Anthropic’s figures, which the reports referenced alongside OpenAI’s results^3,5. OpenAI still trails Anthropic on revenue, according to one account⁴.