OpenAI revenue tops $10bn as losses widen to $10.9bn
OpenAI's quarterly revenue passed $10 billion for the first time in the three months to September, even as the ChatGPT maker posted a wider operating loss, according to figures shared with investors on Tuesday and reported by the Wall Street Journal.
Revenue for the third quarter of 2026 came to about $10 billion, up nearly 50 per cent on the previous quarter, when it stood at roughly $6.7 billion. Growth also accelerated sharply from the 18 per cent recorded in the second quarter. The figures put OpenAI's annual revenue run rate at approximately $50 billion.
Enterprise sales double as losses grow
The milestone came with a heavy cost. OpenAI's operating loss widened to $10.9 billion in the quarter, up from $10.1 billion in the previous three months, according to investor documents reviewed by the Journal. The loss still exceeded the quarter's entire revenue by about $900 million.
There was some improvement in the underlying picture. OpenAI told investors its adjusted operating margin improved to minus 109 per cent, from minus 150 per cent in the prior quarter, as sales grew much faster than losses.
Chief financial officer Sarah Friar described the period as a blockbuster quarter. She told CNBC that OpenAI's enterprise business doubled quarter on quarter, and that revenue is now split roughly equally between enterprise and consumer customers.
Why the numbers matter for AI markets
The figures arrive at a sensitive moment for artificial intelligence stocks. Investors have spent the past week questioning whether the huge spending on AI computing can keep rising, after a sharp sell-off in chip and cloud infrastructure shares. OpenAI's numbers show demand for its products is still growing fast, but also that the cost of meeting that demand remains enormous.
OpenAI is a private company and does not publish audited quarterly results in the way listed firms do. The figures come from documents shared with investors rather than a public filing, and OpenAI did not immediately respond to a Reuters request for comment.
The company is also raising fresh capital at a reported valuation of $1.25 trillion, with Bloomberg reporting last week that about $11 billion had been secured in a first close. OpenAI president Greg Brockman said in May that the company expected to spend around $50 billion on computing power during 2026.
For now, the third-quarter figures tell two stories at once: a business growing faster than almost any in technology history, and a cost base that is growing almost as fast. Whether revenue can keep outpacing spending will decide how long investors stay patient.
