According to sources within OpenAI, the company’s quarterly revenue for July, August, and September reached $10 billion for the first time. Demand for the latest AI software drove the revenue growth.
Compared to the previous quarter, revenue rose by nearly 50%. Compared to the same quarter last year, revenue nearly tripled, Bloomberg reports. The news agency cites sources who wish to remain anonymous because the information is not public.
The figures were shared Tuesday during a conference call with investors. OpenAI President Greg Brockman, Chief Financial Officer Sarah Friar, and Thibault Sottiaux, a product lead at the company, spoke during the call. Investors were told that OpenAI had reached annualized revenue of approximately $50 billion by the end of September. OpenAI did not respond to questions from Bloomberg.
OpenAI outpaces Anthropic
After OpenAI had fallen behind its major rival, Anthropic, earlier this year, according to some analysts, the company regained momentum by offering competitive AI models and significant price cuts. Its strong focus on AI agents resonated well with customers investing in task automation.
OpenAI’s acceleration contrasts with the slowdown in revenue growth at Anthropic, which is set to go public on Wall Street later this month. The company is aiming for a valuation of $1.4 trillion. Anthropic’s growth rate slowed to about 47% in the third quarter, compared with an increase of more than 140% in the previous quarter.
OpenAI is working to finalize a new funding round at a valuation of $1.25 trillion, after postponing its IPO plans until next year. OpenAI recently closed the first tranche of $11 billion from that round, as Bloomberg News previously reported.