OpenAI's quarterly revenue crossed $10 billion for the first time, according to Bloomberg citing anonymous sources. The figure represents roughly a 50% jump from the $6.7 billion in quarterly sales the company reported in Q2.
The company's adjusted operating margin improved to negative 109% in Q3, narrowing from negative 150% in Q2. OpenAI now operates at a $50 billion annual revenue run rate.
The gains follow recent moves including tighter pricing, discounts, improved models, and a focus on enterprise-focused products and AI agents. OpenAI says it has over a billion users, though most are likely free or low-tier subscribers.
The revenue acceleration comes as OpenAI faces competition from rival Anthropic, which reported Q3 revenue of $17 billion and claims an $81 billion annual run rate as of late October. Anthropic is seeking a $1.4 trillion valuation in an IPO the report says is likely to happen soon. The two companies calculate annualized revenue differently. Anthropic counts sales from cloud partners while OpenAI only reports its share of some partner sales.
OpenAI also competes with models from Meta, Amazon, Microsoft, Google, and open-source AI labs, particularly those from China.