OpenAI's Q3 revenue reaches $10 billion as enterprise sales grow

OpenAI's revenue rose about 50 percent from the previous quarter to $10 billion in Q3, according to reports from the Wall Street Journal and The Information. The increase came as the company sold more to enterprise customers, but its adjusted operating losses also grew.

Revenue had grown 17 to 18 percent in Q2. A year before the latest quarter, OpenAI brought in $3.9 billion. Its adjusted operating loss edged up from $10.1 billion in Q2 to $10.9 billion in Q3. Stock-based compensation climbed to $2.6 billion.

OpenAI's adjusted operating margin improved from negative 150 percent in Q2 to negative 109 percent in Q3. A year earlier, it was negative 97 percent.

Enterprise sales doubled

OpenAI shifted its priorities earlier this year as it sought a stronger position in the enterprise market. It discontinued projects including a video app, directed more resources to its coding tool Codex, and hired Dali Rajic as head of sales. It also cut prices on new models.

Third-party data showed companies looking for cheaper alternatives to Claude, helping OpenAI's API sales. OpenAI president Greg Brockman called the quarter an “incredible revenue turning point” and cited major customers including JPMorgan Chase. The enterprise business doubled in Q3 and now makes up the bulk of revenue, Brockman said.

ChatGPT's consumer audience grew as well. It now has 1.2 billion weekly active users and 100 million paying subscribers after 22 million new sign-ups. OpenAI's new ChatGPT ad product reached an annualized revenue run rate of $1 billion in August.

Anthropic reported higher revenue

Anthropic, which develops Claude, overtook OpenAI on revenue in Q2 and posted a small operating profit that quarter. Its Q3 revenue grew 47 percent to $17 billion, while its operating loss including stock compensation was $567 million. Anthropic focuses heavily on enterprise customers and tools including Claude Code and the Claude Cowork agent. OpenAI also funds broad robotics research and runs a consumer business.

Both companies are feeling the recent tech sell-off in financial markets. OpenAI is raising capital at a $1.25 trillion valuation and has so far raised less than half of its planned $30 billion. Anthropic has significantly cut its IPO valuation target. It plans to go public next week, while OpenAI is targeting an IPO next year.