OpenAI reported quarterly revenue of $10 billion in the third quarter, a figure that doubles its earnings from the previous year but leaves it trailing rival Anthropic on efficiency.
Reports from the Wall Street Journal and The Information confirm the company grew revenue by roughly 50 percent quarter over quarter. Growth in the second quarter had been slower, at between 17 and 18 percent. A year prior, OpenAI brought in $3.9 billion.
Adjusted operating losses rose slightly from $10.1 billion to $10.9 billion in the same period. Stock-based compensation climbed to $2.6 billion and is excluded from this figure. The adjusted operating margin improved from negative 150 percent in the second quarter to negative 109 percent, compared to negative 97 percent a year earlier.
These figures place OpenAI behind industry leader Anthropic, which plans an initial public offering next week. The Claude developer surpassed OpenAI on revenue in the second quarter and posted a small operating profit at that time. In the third quarter, Anthropic grew revenue 47 percent to $17 billion, while its operating loss, including stock compensation, came to just $567 million.
OpenAI cuts prices and chases enterprise customers with new revenue streams
The efficiency gap stems from different business models. Anthropic focuses heavily on enterprise clients and tools like Claude Code and the Claude Cowork agent. OpenAI, by contrast, funds broad research into robotics and runs an expensive consumer business.
To catch up in the enterprise market, OpenAI reshuffled its priorities earlier this year. The company discontinued projects like a video app, put more resources into its coding tool Codex, and hired Dali Rajic as its new head of sales. Simultaneously, 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 it an incredible revenue turning point and pointed to major customers like JPMorgan Chase. The enterprise business doubled in the third quarter and now accounts for the bulk of revenue, Brockman said.
The consumer side is growing too. ChatGPT now has 1.2 billion weekly active users, with 100 million paying subscribers after 22 million new sign-ups. Additionally, the new ChatGPT ad product hit an annualized revenue run rate of $1 billion in August.
Both competitors feel the recent tech sell-off in financial markets. OpenAI targets an IPO next year and is currently 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.
What it means
For people making things, the price cuts on OpenAI models mean lower costs for API usage, while the growth in enterprise focus suggests more tailored tools for business workflows. Both companies face market headwinds, but Anthropic’s tighter cost structure gives it a significant financial edge as it prepares for a public listing.
