OpenAI quarterly revenue hits $10 billion but adjusted operating losses reach $10.9 billion

OpenAI reported third-quarter 2026 revenue of $10 billion, up 50% from the prior quarter, driven by a doubling in enterprise sales and strong demand for AI coding tools. However, adjusted operating losses widened to $10.9 billion, leaving the company spending $1.09 for every dollar earned. Rival Anthropic leads with $16.96 billion in quarterly revenue and a far smaller operating loss of $567 million as it prepares for a $1.4 trillion IPO, while OpenAI eyes a 2027 public listing.

OpenAI financial results for Q3 2026

• ▪OpenAI's adjusted operating loss widened to $10.9 billion in Q3 2026 from $10.1 billion in Q2 2026
• ▪OpenAI's adjusted operating margin improved to negative 109% in Q3 2026, up 41 percentage points from negative 150% in Q2 2026
• ▪OpenAI's Q3 2026 revenue reached $10 billion, representing a roughly 50% increase from approximately $6.7 billion in Q2 2026 and nearly tripling the $3.9 billion it generated
• ▪OpenAI incurred $2.6 billion in stock-based compensation during Q3 2026, which is excluded from its adjusted operating loss figures

OpenAI revenue streams and business operations

• ▪OpenAI reshuffled business priorities by discontinuing projects such as a video app and shifting resources into its coding tool Codex under new sales head Dali Rajic
• ▪OpenAI's consumer business saw ChatGPT reach 1.2 billion weekly active users and 100 million paying subscribers in Q3 2026, while its ad product reached a $1 billion annualized run rate
• ▪Enterprise sales became OpenAI's largest source of revenue in Q3 2026 after doubling from Q2 2026, according to OpenAI President Greg Brockman and Chief Financial Officer Sarah Friar

OpenAI initial public offering plans

• ▪OpenAI filed confidentially for an initial public offering in June 2026 and is seeking fresh capital at a $1.25 trillion valuation, securing an initial $11 billion tranche
• ▪OpenAI Chief Financial Officer Sarah Friar informed employees in August 2026 that OpenAI plans to become a public company in 2027

Anthropic financial performance and valuation

• ▪Anthropic reported Q3 2026 revenue of $16.96 billion—up 47% quarter-over-quarter—and an operating loss of $567 million, far outperforming OpenAI's revenue and operating efficiency
• ▪Anthropic reported a Q3 2026 net loss of $23.3 billion, largely due to non-cash charges tied to the rising valuation of its convertible notes

Financial market challenges

• ▪Anthropic and OpenAI faced financial market headwinds during late 2026, causing Anthropic to reduce its IPO valuation target
• ▪OpenAI has raised less than half of its planned $30 billion in fresh capital during its 2026 funding round