OpenAI Q3 Revenue Reportedly Hits $10 Billion as Operating Loss Widens to $10.9 Billion

OpenAI told investors that revenue jumped nearly 50% to $10 billion in the third quarter, rebounding from a period of slower growth as demand for its newer models and enterprise products picked up, The Information reported, citing a person familiar with the matter. Forbes, citing The Wall Street Journal, reported the same $10 billion figure. OpenAI is private and does not file its results with the SEC, so these numbers come from investor communications rather than audited disclosures.

Losses grew alongside sales. The operating loss widened to $10.9 billion from $10.1 billion in the prior quarter, while the adjusted operating margin improved to -109% from -150%. Put simply, OpenAI still spends about $2.09 for every dollar of revenue, down from about $2.50, an improvement in efficiency that has not yet slowed the absolute burn. The margin math implies prior-quarter revenue of roughly $6.7 billion, consistent with the nearly 50% jump being sequential.

The report also comes amid leadership churn. A post from Steve Eisman, the investor known for betting against the housing market before 2008, cited The Wall Street Journal in saying two senior executives have left as an IPO reportedly gets closer; Eisman said he is not predicting OpenAI fails, but that it is not too early to think about the risks. The same post cited quarterly cost and revenue changes that do not reconcile with The Information's figures, so they are not used here.

The timing sharpens the comparison with Anthropic, whose Nasdaq IPO is expected to price next week, and with listed partners such as MSFT that have large exposure to OpenAI. What to watch: whether OpenAI confirms the figures, the pace at which the operating margin keeps improving, further executive departures, and any concrete IPO timetable.