OpenAI's Q3 Revenue Rose About 50% to Roughly $10 Billion, Reports Say

What happened

The Information reported on Nov 10, citing a person familiar with the matter, that OpenAI told investors on a call that day that revenue for the quarter ended Sept 30 reached roughly $10 billion, up about 50% quarter on quarter and about 2.6 times the year-earlier level; the first quarter was $5.7 billion and the second $6.7 billion. OpenAI did not comment publicly, and the figures are not confirmed in a company filing; The Wall Street Journal reported the same figures the same day.

Growth was driven by API demand for the GPT-5.6 and Astra models and image models, and by enterprise business. OpenAI President Greg Brockman said enterprise revenue doubled in the quarter to become the majority of revenue; Chief Financial Officer Sarah Friar confirmed the revenue figure in an interview. Annualized revenue stood at roughly $50 billion at the end of September; the adjusted operating loss widened from $10.1 billion in Q2 to $10.9 billion, while the adjusted operating margin improved from -150% to -109%.

For comparison: Anthropic disclosed in an amended prospectus filed on Nov 10 that its Q3 revenue was $16.96 billion, up about 12 times year over year, with an operating loss of $567 million. OpenAI is raising a new funding round at a $1.25 trillion valuation, with about $11 billion of the first tranche received on Nov 6.

Key facts

1. Q3 revenue: Roughly $10 billion, the first quarter above that mark; up about 50% quarter on quarter and about 2.6 times the year-earlier level
2. Quarterly sequence: $5.7 billion in Q1, $6.7 billion in Q2, roughly $10 billion in Q3
3. Growth drivers: API demand for GPT-5.6, Astra and image models, plus enterprise business; enterprise revenue doubled in the quarter to become the majority
4. Losses: Adjusted operating loss of $10.9 billion, up from $10.1 billion in Q2; adjusted operating margin improved from -150% to -109%
5. Annualized revenue: Roughly $50 billion at the end of September
6. Comparison: Anthropic's Q3 revenue was $16.96 billion in its amended prospectus, up about 12 times year over year, with an operating loss of $567 million