Zhidx (WeChat public account: zhidxcom)
Compiled by | Sun Xiaowen
Edited by | Cheng Qian
Zhidx reported on November 11 that today, The Information, citing sources familiar with the matter, reported that OpenAI disclosed during an investor conference call that its third-quarter revenue reached US$10 billion (approximately RMB 67.2 billion), 2.6 times that of the same period last year, with quarter-over-quarter growth accelerating from 17% in the second quarter to nearly 50%.
The report also said that OpenAI is seeking to advance a new funding round at a valuation of US$1.25 trillion (approximately RMB 8.4 trillion).
Today, in an interview with Yahoo Finance, OpenAI CFO Sarah Friar revealed that the company’s enterprise business doubled quarter over quarter in the third quarter, while consumer business revenue grew 20% quarter over quarter. The two businesses now each contribute about half of revenue.
Revenue growth reduced OpenAI’s losses relative to revenue, although the amount of its losses continued to increase. According to The Information today, the company’s operating loss increased from US$10.1 billion in the second quarter (approximately RMB 67.9 billion) to US$10.9 billion (approximately RMB 73.2 billion), an increase of about 8% quarter over quarter, while its adjusted operating margin improved from -150% in the second quarter to -109%.
▲OpenAI CFO Sarah Friar (Image source: Yahoo Finance)
On the enterprise side,OpenAI is increasing investment in coding tools and pursuing more large-enterprise contracts. According to The Information today, the company is allocating more resources to Codex while abandoning some projects, including video applications.Demand for GPT-5.6, GPT-6 Astra, and image models has driven sales of OpenAI’s model API services. Businesses and developers can integrate the models into their own software and workflows and pay according to usage.
On the consumer side,OpenAI generates revenue through paid subscriptions and advertising. According to The Information today, OpenAI had nearly 100 million paying users in the third quarter, with approximately 22 million new paying users and 200 million free users added during the quarter. The report also noted that OpenAI disclosed in October that its weekly active users had reached 1.2 billion, with the vast majority being free users. Paying ChatGPT users accounted for about 8.5% of weekly active users, a slight increase from the previous quarter.
Advertising is also expanding OpenAI’s revenue sources. According to OpenAI, less than 200 days after the launch of ChatGPT’s advertising business, it had attracted tens of thousands of advertisers by the end of August, reaching an annualized revenue level of US$1 billion (approximately RMB 6.7 billion). In the third quarter, OpenAI released a succession of model updates. On September 4, OpenAI released GPT-6 Astra for coding, computer use, and professional work. On September 30, the company launched the lower-priced GPT-6.1 Sol.Evaluations published by OpenAI show that in the DeepSWE v1.1 test, which examines complex software engineering tasks in real code repositories, GPT-6.1 Sol matched GPT-6 Astra, while per-task costs were about one-fifth of GPT-6 Astra's.In the image business, OpenAI launched Images 2.5 on September 9, upgrading its image generation and editing capabilities and making the API model available at the same time. OpenAI says that compared with Images 2.0, the new version reduces image generation latency by up to 50%.
OpenAI is also facing competition from Anthropic as it seeks enterprise customers and financing. Anthropic's updated prospectus, released on November 10, shows third-quarter revenue of US$16.956 billion (approximately RMB 113.9 billion), up approximately 46.7% from the previous quarter. The two companies posted similar quarter-over-quarter revenue growth rates, but Anthropic's revenue was approximately 1.7 times OpenAI's.
According to a November 7 report by Bloomberg, OpenAI has completed the first closing of its current funding round, raising approximately US$11 billion (approximately RMB 73.9 billion).
OpenAI initially planned to raise at least US$30 billion (approximately RMB 201.6 billion) at a valuation of US$1.4 trillion (approximately RMB 9.4 trillion). It subsequently lowered its valuation to US$1.25 trillion and reduced its fundraising target to a maximum of US$20 billion (approximately RMB 134.4 billion) following a decline in the public AI market.
OpenAI had previously considered going public in 2026. However, on September 13, OpenAI CEO Sam Altman revealed during an interview with Fortune that the company would not go public in 2026.
Conclusion: Enterprise business doubled quarter over quarter, but faster revenue growth has not reduced OpenAI's losses
The enterprise business is providing OpenAI with stronger growth momentum. In the third quarter, enterprise revenue doubled from the previous quarter, growing significantly faster than the consumer business, with revenue from the two now accounting for roughly half each. Demand for its models is driving API sales, and its enterprise tools have also become important products for winning customers. However, the company has not disclosed how much growth is attributable to specific products and customers to date.
Nevertheless, faster revenue growth has not reduced OpenAI's losses. Although the company's adjusted operating margin improved, the amount it is losing continued to increase. For OpenAI, which still needs financing to support business expansion, controlling the costs of growth is as important as increasing revenue.
Sources: The Information, Yahoo Finance
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