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OpenAI Third-Quarter Revenue Soars Nearly 50% to $10 Billion

Headline from Bloomberg.com · compiled from 4 sources

Our analysis · checked against 14 sources

OpenAI's Q3 revenue rose about 50% to $10 billion; operating loss was $10.9 billion

OpenAI told investors third-quarter revenue reached $10 billion, up from $6.7 billion in Q2, while its adjusted operating loss widened to $10.9 billion from $10.1 billion. The figures are unaudited and not independently confirmed; year-on-year growth is reported as almost threefold by Bloomberg but about 50% by TradingKey.

The framing"Soars" does fit revenue up nearly 50% in one quarter, after 18% growth in Q2. But the adjusted operating loss widened to $10.9 billion, more than the $10 billion of revenue.

What the headline leaves out

  • The adjusted operating loss ($10.9bn) was larger than revenue ($10bn); margin improved to -109% from -150%.
  • Growth accelerated: Q2 revenue rose 18%, to $6.7bn from $5.7bn.
  • Enterprise revenue doubled quarter on quarter; consumer sales grew 20%.
  • Compute commitments of about $1.15 trillion through 2035 compare with an annualized run rate of about $50bn (Axios earlier reported ~$70bn ARR).

What happens next

Anthropic's IPO is expected to price around Nov. 19-20, giving investors a direct comparator; OpenAI CFO Sarah Friar is reported to be leaning toward a 2027 IPO. TipRanks reports OpenAI raised less than half of an initial $30bn target and is still seeking investors, while Invezz, citing Bloomberg, separately reports the target itself was cut to around $20bn, with the rest of a round of up to $20bn expected to close in the coming weeks. IDC's Eric Newmark questions whether headline compute commitments are reliable given circular financing, and TipRanks notes Democrats' midterm wins may bring more scrutiny of AI firms and data centers.

Possible knock-on effects
  • If commitments are partly circular financing, headline compute pledges could overstate real demand, which may affect how investors value OpenAI and its suppliers. (named expert: IDC executive Eric Newmark questioned the reliability of headline spending commitments. Watch for: Revisions or cancellations of vendor commitments, or supplier disclosures tying deals to investment)
  • Anthropic's IPO pricing, reported alongside a much smaller operating loss, could set the benchmark investors apply to OpenAI's loss-making revenue, which may shape its 2027 IPO terms and current fundraising. (mechanism: Public pricing of a close rival gives investors a market reference; no source forecasts this effect on OpenAI. Watch for: Anthropic's final IPO price and whether OpenAI's funding round closes near the reported ~$20bn)

Sources: Bloomberg: OpenAI third-quarter revenue soars nearly 50% to $10 billion, Bloomberg: OpenAI completes $11 billion portion of funding at $1.25 trillion value, Storyboard18: OpenAI posts $10B revenue in Q3 with $10.9B operating loss, Yahoo Finance: OpenAI CFO on Q3, Yahoo Finance: OpenAI Q3 revenue jumped 50% to $10 billion, MLQ: OpenAI third-quarter revenue rose about 50%, ValueAdd VC: OpenAI revenue 2026, Tom Tunguz: OpenAI hardware spending 2025-2035, Yahoo Finance: OpenAI lifts planned compute spending, Startup Fortune: OpenAI Q3 revenue hits $10 billion, Luminix: OpenAI valuation and IPO timing, Invezz: OpenAI's $10 billion revenue milestone, TipRanks: OpenAI posts steep losses, TradingKey: OpenAI IPO analysis

Written in our own words from the sources above, and checked claim by claim before it was published. The report below says only what each outlet said.

The report: what outlets said

According to Bloomberg, people familiar with the matter say OpenAI's quarterly revenue hit $10 billion for the first time in the three months ending in September[1]

Bloomberg reports that the revenue was driven by strong demand for its latest artificial intelligence software[1]. According to Bloomberg, OpenAI has regained momentum with competitive new AI models, aggressive price cuts and a greater focus on AI agents[2].According to Yahoo Finance, CFO Sarah Friar told Deirdre Bosa on Tuesday[3] that revenue rose nearly 50% from the previous quarter, with an annual run rate of about $50 billion. Yahoo Finance, citing the Wall Street Journal, reports that this is better than the 18% growth the company saw in Q2[3].Friar told Yahoo Finance that "Our enterprise business doubled quarter over quarter,"[3] and Yahoo Finance reports that she said revenue is now split evenly between enterprise and consumer. Yahoo Finance also reports that she said sales improving 20% quarter over quarter and subscriptions topping 100 million users[3] on the consumer side.Startup Fortune, citing the Wall Street Journal and The Information, reports that OpenAI's operating loss for the same quarter was $10.9 billion, up from $10.1 billion in the second.[4]Bloomberg reports that Anthropic, which is nearing a landmark Wall Street debut, reported third-quarter revenue of about $17 billion.[2] Bloomberg also notes that "OpenAI and Anthropic have historically calculated revenue figures differently."[2]According to Bloomberg, OpenAI is in the process of completing a new round of funding at a $1.25 trillion valuation after delaying plans to go public until next year.[2]

Listen to the songAI News — November 11, 2026

Sources

  1. [1]OpenAI Third-Quarter Revenue Soars Nearly 50% to $10 Billion - Bloomberg
  2. [2]OpenAI Third-Quarter Revenue Soars Nearly 50% to $10 Billion
  3. [3]OpenAI Q3 revenue jumped 50% to $10 billion
  4. [4]OpenAI's third-quarter revenue hits $10 billion as Anthropic prepares its IPO - Startup Fortune

Every sentence here reports what a named outlet said, with a link to it. Compiled by 93 from the reporting below.

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