OpenAI generated approximately $10 billion in revenue during the third quarter of 2026, an increase of nearly 50% from the previous quarter, as demand for its artificial intelligence products accelerated.
Despite the revenue growth, the company recorded an adjusted operating loss of $10.9 billion, compared with $10.1 billion in the second quarter, according to investor documents reviewed by The Wall Street Journal and reported by Reuters.
The figures highlight the financial challenges facing the ChatGPT developer as it expands its commercial operations while continuing to invest heavily in AI infrastructure and model development.
Operating Margins Improve Despite Higher Losses
OpenAI’s adjusted operating margin improved to negative 109% in the third quarter, compared with negative 150% in the previous three-month period.
The improvement indicates that operating losses declined relative to revenue, although the company’s total adjusted operating losses increased by approximately $800 million.
The reported adjusted figures exclude stock-based compensation, which reached approximately $2.6 billion during the quarter.
Revenue growth was supported by increased demand for OpenAI’s newer AI models and enterprise products, following a period of slower expansion earlier in the year.
Anthropic Comparison Highlights Different Cost Structures
The financial disclosure comes as rival Anthropic prepares for a potential stock market debut.
Anthropic, the developer of Claude, generated approximately $17 billion in third-quarter revenue and reported an operating loss of $567 million, according to financial information disclosed ahead of its planned IPO.
However, the companies’ reported operating losses are not directly comparable because Anthropic’s figure includes stock-based compensation, while OpenAI’s adjusted figure excludes it.
The contrast has drawn attention to differences in their business models, customer bases and infrastructure spending.
Investors Assess AI Profitability
OpenAI has expanded its enterprise business while maintaining a substantial consumer operation through ChatGPT.
The company is also pursuing additional financing as it prepares for a potential public listing in 2027.
The third-quarter figures were disclosed as investors increasingly examine the relationship between revenue growth, infrastructure investment and profitability across the artificial intelligence industry.
