OpenAI’s third-quarter revenue soars nearly 50% to US$10 billion

OPENAI’s quarterly revenue hit US$10 billion for the first time in the three months ending in September, according to a person familiar with the matter, driven by strong demand for its latest artificial intelligence software. 

The ChatGPT maker’s revenue increased nearly 50 per cent from the prior quarter and nearly threefold from the same period a year earlier, said the person, who spoke on condition of anonymity as the information is not public. The financial details were shared with investors during a call on Tuesday (Nov 10). 

OpenAI declined to comment. 

After slipping behind longtime rival Anthropic PBC this year by some measures, OpenAI has regained momentum with competitive new AI models, aggressive price cuts and a greater focus on AI agents to help customers automate work.

OpenAI’s business has shown signs of accelerating at a moment when Anthropic’s revenue growth has begun to slow somewhat. 

OpenAI is in the process of completing a new round of funding at a US$1.25 trillion valuation after delaying plans to go public until next year. OpenAI recently completed an initial US$11 billion part of that round, Bloomberg News previously reported. BLOOMBERG