OpenAI Hits a $10 Billion Quarter as AI IPO Race Heats Up

OpenAI’s quarterly revenue has crossed $10 billion for the first time, marking a major jump as demand grows for its newer AI models. The figure represents an almost 50% increase from the $6.7 billion in sales recorded during the second quarter.

The growth arrives alongside fresh funding, a new business platform for ChatGPT, and a fierce race with Anthropic. Together, the developments show how the leading AI companies are pushing beyond consumer chatbots and into enterprise software, business services, and public markets.

OpenAI’s revenue is rising, but losses remain

OpenAI’s revenue growth rate also appears to have picked up. Revenue had grown about 18% between the first and second quarters, while the latest figure points to growth of around 50% from one quarter to the next. OpenAI has now reached an annual revenue run rate of $50 billion.

The company’s profitability picture has improved, though it remains far from positive. Its adjusted operating margin narrowed from -150% in the second quarter to -109% in the third quarter. OpenAI also told investors that revenue grew around 50% quarter-on-quarter to $10 billion, while operating losses increased.

That growth still builds on a large base. An 18% increase on $5.7 billion in quarterly revenue would already represent a major expansion, especially compared with most software businesses. OpenAI has also said it has over a billion users, although most are likely free users or subscribers to its cheapest plans.

OpenAI has benefited from tighter pricing, discounts, improving models, and a stronger focus on enterprise products. Its AI agents are designed to help people complete tasks, giving the company more ways to turn ChatGPT usage into business revenue.

New funding and a sharper enterprise push

OpenAI has raised $11 billion so far in a new funding round that values the company at $1.25 trillion. The round has not closed, and it could total about $20 billion when completed in the coming weeks. That would still fall well short of the $30 billion OpenAI was seeking in late September.

The company’s latest product move also targets businesses. On Tuesday, OpenAI rolled out the Business Hub, a beta feature where companies can create profiles and verify or update information about their products and services.

Eligible businesses will be able to create and launch a specialized business agent. ChatGPT users can then ask questions about the business and its products. OpenAI described the feature as an early step toward bringing businesses deeper into ChatGPT.

“As people turn to AI to discover products, compare options and make decisions, ChatGPT has become the platform for people and businesses to connect through AI,” the company said. “Today’s announcement is an early step in bringing businesses more deeply into ChatGPT.”

The Business Hub will also provide limited insights similar to Google Analytics. Companies will see profile views, business mentions, website clicks, and other measures showing how ChatGPT users interact with their products.

Businesses must verify their profiles through a formal process, though OpenAI has not shared the details. Benji Shomair, OpenAI’s VP of Monetization, said there are “multiple verification methods that we use for different types of business in different markets.”

The plan follows an earlier attempt to make ChatGPT an e-commerce hub. That effort used commission fees and included a “checkout cart” feature, but OpenAI retired it in March after the project failed to take off.

Anthropic sets its sights on a record IPO

Anthropic has become OpenAI’s most visible rival in the enterprise AI market. The company reported $17 billion in third-quarter revenue and said its annual revenue run rate reached $81 billion at the end of October, a $10 billion increase in one month.

Anthropic is seeking a $1.4 trillion valuation in an IPO that could happen soon. Its updated paperwork calls for 825 million shares priced between $70 and $78 apiece. At the top of that range, the offering would raise $64.35 billion and value the company at up to $1.405 trillion on a fully diluted basis.

Anthropic plans to price its shares Nov. 18 and begin trading the following day. A separate $26 billion private placement purchased by leading AI companies, including Nvidia and Alphabet, could push the company’s total haul beyond SpaceX’s raise from its June IPO.

Jim Cramer said Anthropic’s growth could justify a valuation above $1 trillion. “Anthropic’s tantalizing growth rate is the key reason why this should be the largest IPO in history,” he said.

Anthropic reported $33.2 billion in revenue during the first nine months of 2026, up 1,206% from a year earlier. Much of that increase came from enterprise customers and adoption of Claude Code, its AI coding agent.

The company now has more than 11,900 customers spending over $100,000 annually, compared with roughly 1,500 at the end of 2025. Existing customers are also spending more, with a net revenue retention rate of approximately 900% at the end of September, meaning customers spent roughly nine times as much as they did a year earlier.

Anthropic’s quarter-over-quarter growth slowed to 47% in the third quarter from 144% in the second. Cramer called 47% sequential growth impressive, while pointing to competition from OpenAI and closer scrutiny of AI spending as possible factors.

The companies also calculate annual revenue differently. Anthropic counts sales made by its cloud partners, while OpenAI reports only its share of some sales through those partners.

Anthropic’s bankers are considering raising its IPO valuation to $1.5 trillion to fund compute spending. The company’s seven founders would each hold stakes worth $18 billion, while Alphabet and Amazon could eventually hold 27% of the company after their investments.

Some potential buyers place Anthropic’s value as low as $1.1 trillion, compared with the $2 trillion investors were expecting roughly a month earlier. OpenAI had previously indicated it would go public this year but delayed those plans, with expectations now pointing to an IPO next year.

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