OpenAI disclosed its third‑quarter financial results on November 11, 2026, showing a sharp increase in revenue but also a widening of its operating losses. The AI‑driven firm generated $10 billion in Q3, up almost 50% from the prior quarter, while its adjusted operating margin improved to –109% despite a larger absolute loss.

Enterprise Business Fuels Revenue Surge

According to the company’s CFO Sarah Friar, the enterprise segment doubled its sales compared with Q2 and now accounts for roughly half of total revenue. Products such as the Coding and Cyber suites, along with the new Dots AI‑agent platform, were highlighted as key contributors. Small‑ and medium‑sized business contracts grew faster in Q3 than in any of the previous six quarters, and consumer subscriptions continued to climb, reaching over 100 million paid users.

Losses Expand as Costs Keep Pace

The Wall Street Journal reported that operating losses widened to $10.9 billion from $10.1 billion in Q2. Although the loss figure grew, the adjusted operating margin moved from –150% to –109%, indicating that losses are shrinking relative to revenue. The rise in expenses is attributed to higher research and development outlays and the scaling of cloud infrastructure.

Anthropic’s IPO Roadshow Highlights Competitive Landscape

While OpenAI posted its results, rival Anthropic began a roadshow ahead of a potential initial public offering slated for November 19‑20, according to Reuters. The company reported $33.2 billion in revenue for the first nine months of the year, a 1,206% year‑to‑date increase, and does not operate a consumer business. Friar noted that Anthropic’s reliance on multiple cloud distributors, as opposed to OpenAI’s primary Azure contract, could provide a “very big tailwind in 2027.”

What to Watch Next

Investors and industry observers will be monitoring OpenAI’s progress in diversifying cloud partnerships, the impact of Anthropic’s upcoming IPO on AI market valuations, and whether the company can sustain its enterprise growth while narrowing the gap between revenue and operating losses.

FAQ

When will Anthropic’s IPO take place?

Anthropic’s roadshow suggests the IPO could be priced on November 19 or 20, 2026.

What portion of OpenAI’s revenue now comes from enterprise customers?