OpenAI revenue jumps 50% to $10 billion in a quarter, but its adjusted operating loss grows to $10.9 billion

OpenAI's third-quarter revenue reached about $10 billion, up roughly 50% from the prior quarter, while its adjusted operating loss widened to $10.9 billion from $10.1 billion, according to the Wall Street Journal, which viewed documents given to investors. Bloomberg and Reuters carried the revenue figure the same evening. The Journal and Bloomberg articles are paywalled, so we are relying on their headlines and on summaries of the Journal report that give the loss and margin.

The number behind the number

The loss is described as "adjusted." The summaries we read do not say what is excluded, and a different measure we saw earlier is larger: the Journal reported that the second-quarter operating loss including stock-based compensation was $12.3 billion on $6.7 billion of revenue. We have not seen a third-quarter figure on that basis, so the two periods should not be compared across measures.

The margin figures are consistent with the dollar figures: $10.9 billion is 109% of $10 billion, and $10.1 billion is about 150% of $6.7 billion. Revenue rose about $3.3 billion, or 49%, while the adjusted loss grew about $0.8 billion, or 8%. So the improvement is real but modest in dollars: the company still spent roughly $2.09 for every $1 it earned before the adjustments, and about $1.09 more than it earned in operating terms.

Why it matters now

The report lands as Anthropic is marketing its own IPO. We covered its $1.4 trillion valuation target, and last week we reported that OpenAI raised $11 billion at $1.25 trillion. Readers comparing the two are comparing a company that has opened its books in a public filing with one whose numbers surface through investor documents and leaks, on a measure of its own choosing.

Some coverage ties the loss to worries about financial distress. We found no evidence in the sources we could read that the report changed OpenAI's funding position, and we have not seen a cash balance in them.

Who it touches

• SoftBank holders and lenders. SoftBank is a major OpenAI backer; see our earlier report on its junk bond and our report on its $7 billion loss.
• Suppliers. Nvidia, Oracle and CoreWeave sell the computing OpenAI burns cash to buy. A growing loss means their customer depends on continued outside funding.
• Businesses on its API. A company building on one model provider should have a second one tested.

Sources: Wall Street Journal and Bloomberg (Nov. 10, 2026), with figures relayed by CNA and Crypto Briefing; The Information; Chronicle archive. We could not read the full WSJ or Bloomberg articles; second-quarter figures are from earlier WSJ reporting. This is market information, not investment advice.