November 11, 2026 — OpenAI’s revenue for the third quarter reportedly crossed $10 billion for the first time, up nearly 50% from the previous quarter, according to figures shared with investors and reported by Bloomberg, the Wall Street Journal and The Information. Why it matters: the growth snaps a slowdown scare — but OpenAI is still spending roughly two dollars for every dollar it takes in.
What the reported figures say
The numbers come from an investor call held on Tuesday, November 10, not from a public filing, and OpenAI has not commented on them publicly. Treat every figure below as reported, not confirmed.
Third-quarter revenue — the three months to September — came to about $10 billion, the first time OpenAI has crossed that mark in a single quarter. That is up nearly 50% from the $6.7 billion reported for the second quarter, and close to triple the level of a year earlier. The first quarter brought in $5.7 billion, so growth had slowed to about 18% between the first and second quarters before re-accelerating. Bloomberg reports an annual revenue run rate of about $50 billion.
The loss side of the ledger
Profitability improved on one measure and worsened on another. OpenAI’s adjusted operating margin narrowed from -150% in the second quarter to -109% in the third — still deeply negative, meaning operating costs remain well above revenue. In dollar terms, the Wall Street Journal reported the operating loss widened to $10.9 billion, from $10.1 billion in the prior quarter. Growth at this scale is being bought with enormous spending on compute and talent.
Reporting on the investor call attributed the revenue jump to strong demand for OpenAI’s recent models and a sharper enterprise push, including tighter pricing and more agent products for businesses. CFO Sarah Friar was reported to have called it a blockbuster quarter and said enterprise revenue doubled quarter over quarter.
How it stacks up against Anthropic
The timing is hard to ignore: Anthropic is on the roadshow for its public listing this week. Anthropic recently reported third-quarter revenue of $17 billion and said its annual run rate reached $81 billion at the end of October. One caution before comparing the two: the companies count differently. Anthropic counts sales made by its cloud partners in full, while OpenAI reports only its own share of some partner sales, so the headline gap overstates the difference in end demand.
Why it matters
For anyone buying AI tools, these numbers are the business model behind the products. A $50 billion run rate means OpenAI’s pricing has real revenue behind it, not just investor subsidy — but a -109% adjusted operating margin means today’s prices are still being subsidized by one of the largest loss-making operations in tech history. If the losses narrow, enterprise buyers get a durable supplier; if the spending race forces price rises or usage cuts, customers will feel it first. Either way, the reported quarter answers the “growth is stalling” story for now: it is not.
Frequently asked questions
How much revenue did OpenAI report for Q3?
About $10 billion for the three months to September 2026, according to figures shared on an investor call and reported by Bloomberg, the Wall Street Journal and The Information. It was the company’s first $10 billion quarter.
Is OpenAI profitable?
No. Its adjusted operating margin reportedly improved to -109% in Q3 from -150% in Q2, and the Wall Street Journal reported an operating loss of $10.9 billion for the quarter.
What is OpenAI’s revenue run rate?
About $50 billion annualized, per Bloomberg’s reporting on the investor figures.
How does OpenAI’s revenue compare with Anthropic’s?
Anthropic reported $17 billion in Q3 revenue and an $81 billion run rate, but the two count partner sales differently — Anthropic books cloud-partner sales in full, OpenAI only its share — so the figures are not directly comparable.
Sources: TechCrunch reporting on Bloomberg figures (November 11, 2026); Wall Street Journal figures via Dealroom; The Information.