OpenAI's revenue rose about 50 percent in the third quarter to $10 billion, according to reports from the Wall Street Journal and The Information. The company grew by 17 to 18 percent in the second quarter. A year earlier, it brought in $3.9 billion.
Adjusted operating losses rose slightly, from $10.1 billion in Q2 to $10.9 billion in Q3. That figure excludes stock-based compensation, which climbed to $2.6 billion. The adjusted operating margin improved from negative 150 percent in Q2 to negative 109 percent. A year earlier, it was negative 97 percent.
The report compares OpenAI with Anthropic, which plans an IPO next week. Anthropic overtook OpenAI on revenue in Q2 and posted a small operating profit at the time. In Q3, Anthropic grew revenue 47 percent to $17 billion. Its operating loss, including stock compensation, came to $567 million.
The report attributes the efficiency gap to business models. Anthropic focuses heavily on enterprise customers and tools such as Claude Code and the Claude Cowork agent. OpenAI funds broad research into robotics and runs a consumer business the report describes as