OpenAI's quarterly revenue reportedly tops $10 billion for first time
The reported gain narrows losses, though OpenAI's run rate still trails Anthropic's on a different accounting basis.
Bloomberg, citing anonymous sources, reports that OpenAI's quarterly revenue passed $10 billion for the first time, up from roughly $6.7 billion in the prior quarter, which would be close to a 50% increase. Its adjusted operating margin reportedly improved from -150% to -109% over the same period. OpenAI's annual revenue run rate is reportedly now $50 billion, though it still trails rival Anthropic, which said its run rate rose by $10 billion in a month to $81 billion as of the end of October and is seeking a $1.4 trillion valuation in an IPO. The two companies count revenue differently, since Anthropic includes sales made through cloud partners while OpenAI reports only its share. Both face competition from Meta, Amazon, Microsoft, Google and lower-cost open-source models, particularly from China.
Why it matters
The figures suggest OpenAI is growing fast while still spending far more than it earns, a gap that matters to anyone tracking whether the large AI model companies can reach sustainable economics. Anthropic's higher run rate sits alongside an IPO push at a $1.4 trillion valuation, so the two companies are being compared on numbers that are not yet directly comparable. Both now face pressure from large technology rivals and cheaper open-source models, particularly from China, which could shape how quickly revenue and margins improve from here.
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