OpenAI's Q3 revenue reaches $10 billion as losses widen and Anthropic leads

OpenAI's quarterly revenue rose about 50 percent to $10 billion in the third quarter, driven by enterprise sales and new AI models. The company still posted an adjusted operating loss of $10.9 billion, while rival Anthropic generated $17 billion in revenue with a much smaller loss. Both companies are preparing for public offerings amid a weaker tech market.

Revenue grows, but losses remain high

According to reports from the Wall Street Journal and The Information, OpenAI grew revenue by about 50 percent quarter over quarter in Q3 to $10 billion. In Q2, revenue had grown by just 17 to 18 percent. A year earlier, the company brought in $3.9 billion. Despite tripling revenue within a year, adjusted operating losses rose slightly in Q3 from $10.1 billion to $10.9 billion. That figure does not include stock-based compensation, which climbed to $2.6 billion. The adjusted operating margin improved from negative 150 percent in Q2 to negative 109 percent, compared with negative 97 percent a year earlier.

Anthropic leads on efficiency and revenue

Anthropic, which plans an IPO next week, already overtook OpenAI on revenue in Q2 and posted a small operating profit at that time. In Q3, Anthropic grew revenue 47 percent to $17 billion, while its operating loss including stock compensation came to $567 million. The gap reflects different business models: Anthropic focuses heavily on enterprise customers and tools such as Claude Code and the Claude Cowork agent, while OpenAI funds broad research into robotics and runs an expensive consumer business.

OpenAI cuts prices and expands enterprise sales

To catch up in the enterprise market, OpenAI reshuffled priorities earlier this year. It discontinued projects such as a video app, put more resources into its coding tool Codex, and hired Dali Rajic as its new head of sales. At the same time, OpenAI cut prices on new models. Third-party data showed companies seeking cheaper alternatives to Claude, which boosted API sales. OpenAI president Greg Brockman called the period an incredible revenue turning point and pointed to major customers such as JPMorgan Chase. The enterprise business doubled in Q3 and now accounts for the bulk of revenue, Brockman said.

Consumer products and market pressure

ChatGPT now has 1.2 billion weekly active users, with 100 million paying subscribers after 22 million new sign-ups. The new ChatGPT ad product reached an annualized revenue run rate of $1 billion in August. Both competitors are feeling the recent tech sell-off in financial markets. OpenAI is targeting an IPO next year and is raising fresh capital at a $1.25 trillion valuation, but has so far raised less than half of the planned $30 billion. Anthropic also had to cut its IPO valuation target significantly.

Sources: The Decoder