TLDR
- OpenAI’s Q3 revenue rose nearly 50% to $10 billion, with a roughly $50 billion annual run rate.
- Its enterprise business doubled from the prior quarter and now makes up half of revenue.
- Operating losses widened to $10.9 billion, though the adjusted operating margin improved to -109%.
- Anthropic’s revenue hit $33.2 billion in nine months, and its IPO may come Nov. 19 or 20.
- OpenAI’s CFO says cloud distribution deals could be a big boost in 2027.
OpenAI reported a sharp rise in third-quarter sales while its losses also grew. The ChatGPT maker’s revenue climbed nearly 50% from the previous quarter to $10 billion. The company now has an annual run rate of roughly $50 billion.
OpenAI's Q3 revenue jumped nearly 50% QoQ to $10B, accelerating from 17% growth in Q2, The Information reports.
Its enterprise business doubled in Q3 and now accounts for most revenue.
Note: Anthropic reported nearly $17B in Q3 revenue, up 47% QoQ. pic.twitter.com/dko3KOq7XS
— Wall St Engine (@wallstengine) November 10, 2026
CFO Sarah Friar shared the figures in an interview on Tuesday. She called it a “blockbuster quarter.” The Wall Street Journal first reported details from documents shown to investors.
The growth beat the second quarter by a wide margin. Revenue rose 18% in the prior quarter, according to the Journal. The jump in Q3 was more than two and a half times that pace.
Enterprise Business Doubles
Friar said the gains came from frontier research and the enterprise business. “Our enterprise business doubled quarter over quarter,” she said. Revenue is now split evenly between enterprise and consumer customers.
She pointed to products like Coding and Cyber as key drivers. OpenAI is also adding virtual assistants such as Dots to its enterprise offering. Dots is the company’s AI agent platform for businesses.
Small and medium-sized business sales also grew. They rose more in the third quarter than in any of the prior six quarters, Friar said. She did not give a dollar figure for that segment.
The consumer side kept growing too. Consumer sales rose 20% from the previous quarter. Paid subscriptions topped 100 million users, and the company has 1.2 billion weekly active users.
Losses Continue to Grow
Costs rose along with sales. Operating losses widened to $10.9 billion from $10.1 billion in the second quarter, the Journal reported. OpenAI did not immediately respond to a Reuters request for comment.
The adjusted operating margin did improve. OpenAI told investors it was -109%, up from -150% the quarter before. That means losses shrank relative to revenue even as the dollar amount grew.
Rival Anthropic began its roadshow on Tuesday ahead of a planned initial public offering. The share sale could take place Nov. 19 or Nov. 20. Reuters reported it could value the company at about $1.4 trillion.
Anthropic’s revenue grew 1,206% to $33.2 billion in the first nine months of the year. That period ended Sept. 30. The company earned $16.3 billion in the first six months and $4.6 billion in all of 2025.
Unlike OpenAI, Anthropic has no consumer business. Its growth has come from selling to enterprise customers. Friar said that success taught her something about her own company’s approach.
She said OpenAI needs to sign more distribution deals with third-party cloud providers. “Part of it was we were really stuck on this Azure contract that we had,” she said. Azure is Microsoft’s cloud platform.
“Anthropic showed me just the power of that model,” Friar said. She added that unlocking those deals “can be a very big tailwind in 2027.”
Anthropic’s roadshow began Tuesday, and its IPO could price as early as Nov. 19.
