OpenAI's Q3 revenue hits $10B, per investor call sources

What investors heard on the call

According to people briefed on a Tuesday investor call, OpenAI's revenue hit $10 billion in the quarter that ended in September, marking its inaugural breach of that level and propelled by demand for its newest AI software. That haul was up by almost half from Q2 and close to triple from a year earlier, the people said.

OpenAI President Greg Brockman, Chief Financial Officer Sarah Friar, and product leader Thibault Sottiaux spoke on the call, one person said. The people who described the figures said the information is not public. OpenAI declined to comment. The Information previously reported OpenAI's third quarter revenue.

Margins, run rate, and the rivalry backdrop

One person said the company's adjusted operating margin narrowed to -109% in Q3 from -150% in Q2. People familiar with the call also said OpenAI told investors it exited September running at roughly $50 billion in annualized revenue.

Although some metrics showed OpenAI trailing Anthropic PBC earlier this year, the company has since regained momentum with stronger model releases, steeper price cuts, and a larger push into AI agents that help automate work. That acceleration comes as Anthropic's revenue growth has cooled somewhat.

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Funding rounds and market debuts

OpenAI is working to complete a new financing round that would value the company at $1.25 trillion after pushing a public listing into next year. It recently closed an initial $11 billion portion of that raise, Bloomberg News previously reported.

Approaching a milestone debut on Wall Street later this month, Anthropic reported roughly $17 billion in third quarter revenue, and its growth eased to about 47% from more than 140% in the preceding quarter. The two companies have historically counted revenue differently. For the listing, Anthropic is aiming for a $1.4 trillion valuation.

Why it matters for your portfolio

Big model releases, pricing moves, and the race to build AI agents are shaping where revenue and valuations concentrate across AI platforms and their suppliers. Watch for updates on OpenAI's fundraising and any listing next year, along with how both companies' growth rates evolve.

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