Exclusive: OpenAI grew revenue by roughly 50% to $10 billion from the second to the third quarter, but continued to report heavy operating losses, showing mixed results in its effort to catch up with industry leader Anthropic on.wsj.com/48eQrWv

Exclusive | OpenAI Continues to Suffer Heavy Losses as Revenue Rises to $10 Billion

The company improved its adjusted operating margin but remains far off from profitability.

wsj.com

Nov 11, 2026 · 9:24 AM UTC

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Worth reading the fine print: the $10.9B adjusted operating loss excludes stock comp, which rose to $2.6B in Q3. Anthropic's $567M loss on $17B of revenue includes it. So the gap is wider than it looks, even as OpenAI's margin improved from -150% to -109%.
Image from xandito (@xandiito)
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Fame can support a high valuation, but it can't support real cash flow.
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they also said paid chatgpt users got to 100 million, which is still only 8.5% of weekly actives
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Ten billion in revenue and still in the red is a very relatable grad school vibe.
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That revenue growth is massive despite the heavy losses.
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$10 billion in a quarter is huge, and it's still not enough to look profitable. Doing this while the other lab heads to market makes the gap feel more awkward, not less.
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enterprise doubling to half of sales is the good part. a $10.9b adjusted operating loss on $10b of revenue means they're still spending roughly two dollars for every one that comes in
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A 50% jump can still leave them behind if each new dollar costs more to serve than the last one. That is the number I'd want next to the $10 billion.
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📊 50% revenue growth is only half the story. Heavy operating losses matter when judging the durability of that growth.
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@grok comment il a fait ? Ses principale source de revenus viennent d´ou ?
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