- OpenAI hit a new milestone. Its quarterly revenue reached $10 billion for the first time in the three months through September, driven by strong demand for its latest AI software, according to people familiar with the matter cited by Bloomberg. The figures were shared with investors on a Tuesday call featuring President Greg Brockman, CFO Sarah Friar and product leader Thibault Sottiaux.
- Growth accelerated sharply. Revenue rose nearly 50% from the prior quarter and almost threefold from a year earlier, and OpenAI ended September with roughly $50 billion in annualized revenue, the people said. Its adjusted operating margin narrowed to −109% from −150% in the second quarter, so losses remain deep even as they shrink relative to sales.
- The race with Anthropic is tightening. Anthropic reported third-quarter revenue of about $17 billion, but its quarter-over-quarter growth slowed to around 47% from more than 140% in the prior quarter, Bloomberg reported, noting the two companies have historically calculated revenue differently.
- Valuations are converging. OpenAI is completing a funding round at a $1.25 trillion valuation after delaying plans to go public until next year, and it recently closed an initial $11 billion part of that round, while Anthropic is targeting a $1.4 trillion valuation for its listing later this month, according to Bloomberg.
What Happened?
After slipping behind Anthropic this year by some measures, OpenAI has regained momentum with competitive new AI models, aggressive price cuts and a greater focus on AI agents that help customers automate work, Bloomberg reported. The ChatGPT maker’s business has shown signs of accelerating just as Anthropic’s revenue growth has begun to slow somewhat. The Information earlier reported OpenAI’s third-quarter revenue, and OpenAI declined to comment to Bloomberg.
Why It Matters?
The numbers land days before Anthropic’s landmark Wall Street debut, so investors now have a clearer side-by-side read on the two leading AI labs. OpenAI’s re-acceleration challenges the narrative that Anthropic has pulled decisively ahead, while Anthropic’s slowing growth rate may sharpen scrutiny of its premium valuation. Still, a −109% adjusted operating margin shows how much computing spend both companies must fund, which keeps the pressure on partners and lenders financing the build-out.
What’s Next?
Watch whether OpenAI completes the remainder of its $1.25 trillion round and whether the revenue rebound revives talk of an earlier IPO than next year. Anthropic’s pricing and first-day trading will set a public benchmark against which OpenAI’s private valuation will be measured. Investors should also look for further margin improvement in OpenAI’s fourth-quarter figures as price cuts and agent products scale.
Affected Tickers and Coins: MSFT, NVDA, SFTBY, GOOGL
Source: Bloomberg
