OpenAI posts steep losses even as quarterly revenue rises to $10 billion, WSJ reports
OpenAI reported a staggering US$10 billion (S$12.8 billion) in revenue for the third quarter ending in September, marking a remarkable 50% increase from the previous quarter and nearly three times the revenue from the same period a year ago, according to a person familiar with the company's financials. This surge in revenue comes after OpenAI has recently gained traction with new AI models, competitive pricing, and a stronger emphasis on AI agents to automate tasks for customers.
The company's recent financial results, shared with investors during a call on November 10, indicate a resurgence in its business performance as it tries to catch up with its long-standing rival, Anthropic. OpenAI's revenue growth outpaced Anthropic's, which reported a slower third-quarter revenue growth of around 47%, from the second quarter.
Both companies have been navigating the competitive landscape in the AI sector, with OpenAI nearing a significant funding round at a valuation of US$1.25 trillion, while Anthropic is aiming for a US$1.4 trillion valuation for its public listing later in November.
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