OpenAI’s third-quarter revenue rose roughly 50% from the previous quarter to around $10 billion, while its adjusted operating margin improved from negative 150% in the second quarter to negative 109% in the third. The company remains loss-making, but the narrower margin deficit has been viewed by market participants as reducing the likelihood of bankruptcy scenarios. OpenAI’s annual revenue run rate reached roughly $50 billion. Chief Financial Officer Sarah Friar said enterprise customers account for about half of revenue, with enterprise revenue doubling quarter over quarter and frontier research and the enterprise business driving growth. Consumer sales increased 20% quarter over quarter, subscriptions exceeded 100 million users and weekly active users reached 1.2 billion. Coding, Cyber and the Dots enterprise AI-agent platform contributed to demand, while OpenAI’s small- and medium-business offering grew more than in any of the previous six quarters. The company is seeking up to $20 billion in a new funding round, with $11 billion already committed, and has been pursuing funding at a $1.25 trillion valuation. OpenAI has identified API demand, GPT-5.6, Astra and advertising as additional growth drivers. Anthropic, whose Claude assistant competes with OpenAI’s products, has been reported at different times as having $17 billion in third-quarter revenue and a $567 million operating loss, while another report said it achieved a positive adjusted operating profit. Anthropic was preparing for an IPO the following week after beginning its roadshow Tuesday, with a potential listing date previously identified as Nov. 19 or Nov. 20. Existing reports also cited Anthropic revenue of $33.2 billion for the first nine months through Sept. 30, up 1,206%, compared with $16.3 billion through June 30 and $4.6 billion in full-year 2025 sales; those figures differ from the separately reported $17 billion third-quarter figure. Microsoft reported $10 billion in commercial revenue tied to OpenAI in the quarter ended Sept. 30, or almost 11% of its $92.3 billion quarterly revenue, and $24.1 billion for fiscal 2026. Friar said Anthropic’s enterprise performance reinforced OpenAI’s need to pursue distribution agreements with third-party cloud providers after constraints under its Microsoft Azure contract, potentially providing a tailwind in 2027. Further funding announcements, competitor performance, regulatory changes and business decisions affecting operating leverage remain important to OpenAI’s financial trajectory.