OpenAI Revenue Reaches $10 Billion as Losses Widen

OpenAI told investors that revenue reached about $10 billion in the third quarter, while its operating loss widened to $10.9 billion, according to figures reported from investor materials and people familiar with the disclosures. Revenue for the three months ending in September rose nearly 50% from the second quarter’s $6.7 billion, the company’s first quarter at that level.

The dollar loss increased from $10.1 billion in the previous quarter. At the same time, OpenAI’s adjusted operating margin improved from negative 150% to negative 109%, meaning its adjusted loss was smaller relative to revenue even as the total loss grew. The reported margin excludes stock-based compensation, which was reported at $2.6 billion for the third quarter.

OpenAI Chief Financial Officer Sarah Friar said enterprise revenue doubled quarter over quarter and that enterprise and consumer customers each accounted for about half of revenue. The company’s results point to growth in both areas, though the reported figures do not provide a complete breakdown of expenses or establish net income or cash consumed.

The revenue increase followed an 18% rise in the second quarter, according to figures reported from...