OpenAI Q3 revenue jumps 50% to $10 billion, but operating loss widens to $10.9 billion

OpenAI’s third-quarter revenue rose about 50% to $10 billion, according to documents reviewed by The Wall Street Journal, even as the company continued to post steep operating losses.

OpenAI’s adjusted operating margin improved to -109% from -150% in the previous quarter, suggesting some progress on unit economics. However, the company’s operating loss still widened to $10.9 billion from $10.1 billion quarter-on-quarter.

The numbers underline the scale of the investment required to build and operate frontier AI systems. OpenAI has been expanding its computing infrastructure, enterprise products and consumer offerings while also developing new revenue streams around agents, ecommerce and advertising.

The company did not immediately respond to Reuters’ request for comment on the Wall Street Journal report.

The disclosure comes as investors increasingly focus on whether the extraordinary revenue growth of leading AI companies can translate into sustainable profitability. Rival Anthropic has begun the roadshow for an IPO that could value it at around $1.4 trillion, making the economics of frontier AI a central question for public-market investors.

OpenAI is also broadening its commercial footprint. On November 10, the company announced tools allowing businesses to claim profiles inside ChatGPT and launched AI agents aimed at US ecommerce companies, part of a wider effort to turn ChatGPT into a commercial discovery and transaction platform.

The company has also been signalling strong enterprise demand. CFO Sarah Friar said last week that business growth increased 70% quarter-on-quarter in Q3, while enterprise demand doubled.

For the wider AI industry, the quarter sharpens the key tension around frontier models: OpenAI is adding billions of dollars in revenue at extraordinary speed, but it is still spending even faster. The improvement in adjusted margin shows the economics are moving in the right direction, but a $10.9 billion quarterly operating loss makes clear how far profitability remains from being settled.