OpenAI reported roughly 50% revenue growth in the third quarter, bringing quarterly revenue to about $10 billion. Despite the faster top‑line expansion, the company continues to generate large operating losses, according to investor materials cited by the Wall Street Journal from a background briefing.
Key figures
- OpenAI’s adjusted operating margin improved from minus 150% in Q2 to minus 109% in Q3.
- Nevertheless, adjusted operating loss edged up slightly from $10.1 billion to $10.9 billion.
- These adjusted measures exclude stock‑based compensation, which amounted to $2.6 billion in the period.
By comparison, Anthropic — which is scheduled to go public next week — reported $17 billion in revenue for the same period and a much smaller operating loss of $567 million, and that figure already includes stock‑based payments.
Business model and cost base explain part of the gap
Differences between the companies stem in part from their distinct business models. Anthropic has concentrated on enterprise customers and gained a competitive edge with Claude Code, a developer tool that helped it claim leadership in the enterprise segment earlier this year. OpenAI, by contrast, sustains a very large consumer business while funding multiple expensive research programs ranging from robotics to image generation.
That mix has translated into higher costs and a slower path to profitability for OpenAI.
Strategic responses: enterprise push, price cuts, new revenue chief
To narrow the gap, OpenAI has taken active steps to win more profitable enterprise business. It has reduced prices for its latest models and appointed Dali Rajic as Chief Revenue Officer. In Q3 several companies looked for more cost‑effective alternatives to Claude, and OpenAI struck new partnerships, including one with major bank JPMorgan Chase.
The consumer side also made progress: paid ChatGPT subscriptions reached 100 million, representing about 8.5% of weekly active users. Earlier in the year the company introduced advertising in ChatGPT to boost profitability, but it has not yet disclosed the financial impact of that move.
Market impact and fundraising
Recent selling pressure on technology stocks has affected both AI developers. In its most recent capital‑raising round, OpenAI was unable to secure even half of the $30 billion it had initially sought and is still looking for investors. Anthropic also dialed back expectations: instead of the previously discussed $2,000 billion valuation, it is now targeting a $1,330 billion valuation for its upcoming IPO.
Why this matters
These figures illustrate that rapid revenue growth does not automatically yield profitability, especially in an industry balancing large consumer audiences and costly R&D. OpenAI’s moves — shifting toward enterprise customers, adjusting prices and installing new revenue leadership — indicate a concerted effort to improve cost efficiency and diversify sustainable revenue streams.
