OpenAI's Q3 revenue crosses $10 billion for the first time

Bloomberg reported on Tuesday that OpenAI's quarterly revenue has crossed $10 billion for the first time. The news outlet told readers the figure came from sources familiar with the company. OpenAI itself did not make the statement in public. The reporting carries no direct quote from the company.

The numbers Bloomberg reported

Bloomberg said OpenAI told investors its third-quarter revenue was $10 billion. That is up from $6.7 billion in the second quarter. The growth is nearly 50 percent. OpenAI's annual run rate now sits at $50 billion, according to Bloomberg's reporting.

The company is still spending far more than it brings in. Bloomberg said the operating margin for the quarter was minus 109 percent. The second quarter was minus 150 percent. The gap is narrowing but still large.

How this fits with earlier disclosures

Microsoft disclosed in late October that it recorded $10 billion in revenue from OpenAI for the quarter. That figure sits on Microsoft's own books through its investment in OpenAI. The Bloomberg figure is OpenAI's own top line. TechCrunch, which carried Bloomberg's reporting, said the earlier Wall Street Journal number of $6.7 billion matches OpenAI's own second-quarter revenue.

The pace of growth also shifted. OpenAI grew 18 percent from the first quarter to the second. TechCrunch wrote that the second quarter was itself a large result. Growth then picked up to nearly 50 percent in the third quarter.

OpenAI's president Greg Brockman said in early November that the company could be ready for an IPO in 2027. Ramp's AI index showed enterprise AI token spend grew only 1.5 percent between August and September. Ramp called that a slowdown.

What a buyer should take from this

Bloomberg's numbers come through investors. OpenAI itself has not filed them. A decision to switch tools or sign a new contract should rest on OpenAI's own statements.

The direction is still clear. Revenue is growing fast. Losses are still bigger than revenue. OpenAI's prices have moved twice this year on paid plans. A company this far from profit will keep moving its prices. A buyer with a long contract should read the renewal terms. A buyer on a pay-as-you-go plan should expect the API price to move again to close the margin gap.

The Information reported on Monday that Anthropic set its target IPO valuation at $1.26 to $1.4 trillion. OpenAI's latest private valuation is $1.25 trillion. The top of Anthropic's range is 12 percent above OpenAI. Both are still private numbers. The gap will be read every time either lab moves a price.

Source

• TechCrunch, citing Bloomberg