OpenAI Q3 revenue reportedly reaches $10 billion; adjusted operating loss widens to $10.9 billion
For the CIO negotiating AI contracts at a regional bank
OpenAI's revenue grew about 50 percent quarter over quarter to $10 billion in the third quarter, according to reports by the Wall Street Journal and The Information cited by The Decoder; OpenAI has not published the figures in the sources provided.1
The Decoder said OpenAI shifted priorities toward enterprise this year, dropped projects such as a video app, put more resources into its coding tool Codex, hired Dali Rajic as head of sales and cut prices on new models.1 Third-party data showed companies seeking cheaper alternatives to Claude, which boosted API sales, according to The Decoder.1
Adjusted operating loss rose from $10.1 billion to $10.9 billion and excludes stock-based compensation of $2.6 billion; the adjusted operating margin improved from negative 150 percent in Q2 to negative 109 percent, according to The Decoder.1
OpenAI president Greg Brockman said the enterprise business doubled in Q3 and now accounts for the bulk of revenue, and pointed to customers such as JPMorgan Chase, according to The Decoder.1
Anthropic grew Q3 revenue 47 percent to $17 billion with an operating loss including stock compensation of $567 million, according to The Decoder; TechCrunch, citing a Bloomberg report based on anonymous sources, said OpenAI's Q2 revenue was $6.7 billion.12
OpenAI is raising capital at a $1.25 trillion valuation and has raised less than half of the planned $30 billion, and it is targeting an IPO next year, according to The Decoder.1
OpenAI is cutting prices while losing money, so current enterprise pricing may reflect investor-funded subsidy rather than lasting economics. Banks buying AI model access should weigh the discounts but build in price-change and exit terms with vendors.
The Decoder reported that Anthropic plans its IPO next week, and that OpenAI is currently raising fresh capital at a $1.25 trillion valuation but has so far raised less than half of a planned $30 billion.1
Our take. OpenAI cut prices to win enterprise work and lost $10.9 billion that quarter. Anthropic made $17 billion and lost $567 million. Take the discount, but write the contract assuming the cheaper vendor may not stay cheap.
Action. Vendor management: Add multi-model portability, price-protection and termination-for-convenience clauses to OpenAI and Anthropic API contracts before renewal.
What our records say
ChatGPT Enterprise is OpenAI's workplace ChatGPT.1 It sells banks ChatGPT seats for employees and API access to its models, and in 2026 added on-site engineering deals, a financial-services edition built with investment-bank design partners, and a separately funded deployment company.1 Morgan Stanley, BNY and Customers Bank use it for employee assistants and agent building.2
From our records
- ChatGPT Enterprise (OpenAI)vendor · banks using it (17) Morgan Stanley, BNY, Customers Bank · alternatives Microsoft Copilot, Claude, Gemini Enterprise
- Claude (Anthropic)vendor · banks using it (24) Goldman, JPMorgan, BankUnited · alternatives Microsoft Copilot, ChatGPT Enterprise, Gemini Enterprise
- Q2vendor · banks using it (1) First Hawaiian · alternatives Alkami, Jack Henry, Fiserv
- JPMorgan Chasebank · latest EMEA private bank uses AI for onboarding and research (Oct 2026) · vendors Mitek, Kasisto, ChatGPT Enterprise · enforcement 5 actions since 2016; latest CFPB civil action (lawsuit, dismissed with prejudice) (Dec 2024)
Sources
- ReportEnterprise sales push OpenAI's quarterly revenue to $10 billion, though it still trails Anthropic The-decoder
- Also reported byOpenAI’s quarterly revenue reportedly crosses $10B for the first time TechCrunch