OpenAI tops $10 billion in quarterly revenue for the first time

Strong demand for its AI products pushed OpenAI's Q3 revenue past $10 billion for the first time, up nearly 50% from the previous quarter and about 3 times last year's level.

Its adjusted operating margin improved from -150% to -109%, meaning losses are getting smaller. Annualized revenue reached about $50 billion by the end of September.

Earlier this year, OpenAI fell behind rival Anthropic on some metrics. But with stronger new models, lower prices, and a focus on AI agents that automate work, its growth picked up again. Anthropic's Q3 revenue was about $17 billion, up 47% from the previous quarter — a clear slowdown from its 140%+ growth in Q2.

OpenAI has pushed its IPO to next year and is raising new funds at a $1.25 trillion valuation, with the first $11 billion already secured. Anthropic plans to go public later this month, targeting a $1.4 trillion valuation.