OpenAI’s quarterly revenue increased by around 50 per cent to $10 billion in the third quarter of 2026, but the company continued to record substantial operating losses, according to financial information reviewed by The Wall Street Journal.
The ChatGPT developer told investors that its adjusted operating margin improved to minus 109 per cent, compared with minus 150 per cent in the previous quarter. However, its operating losses widened to $10.9 billion (€9.72 billion), up from $10.1 billion (€9.01 billion), the newspaper reported on Tuesday.
The figures highlight the financial pressures facing leading artificial intelligence companies as they spend heavily on computing infrastructure, data centres and advanced models while trying to turn growing demand into sustainable profits.
Investors are increasingly examining the financial performance of the sector, particularly as major AI developers prepare for potential stock market listings.
Rival company Anthropic, which develops the Claude AI models, has filed plans for an initial public offering that could value it at up to $1.4 trillion (€1.25 trillion). The company aims to sell 825 million shares at between $70 and $78 each.
Seven technology companies, including Google, Nvidia, AMD and Microsoft, have also agreed to purchase $26 billion (€23.2 billion) in non-voting shares at the IPO price through a separate private placement. The companies are either investors in Anthropic or major suppliers of its computing capacity.
Anthropic had previously been expected to raise as much as $100 billion (€89.2 billion), which would have made it the largest IPO on record.
The planned listing is attracting attention because it could provide an indication of investor confidence in the AI industry’s expansion and the long-term financial returns from its substantial infrastructure spending.
Art Hogan, chief market strategist at B. Riley Wealth Management, told AFP that investors remained concerned about the cost of developing AI systems and how companies would finance their expansion.
He said major private technology companies had attracted strong investor interest over the past three years, identifying SpaceX and Anthropic as prominent examples and suggesting OpenAI could pursue a listing next year.
OpenAI’s financial disclosure comes amid wider volatility in technology shares following the US midterm elections. Democrats, who have expressed greater concern about artificial intelligence regulation, won control of both chambers of Congress and have pledged to challenge parts of President Donald Trump’s agenda.
The political shift has added uncertainty for technology companies as investors assess the possibility of tighter oversight of the industry.
Nvidia has also faced attention following reports involving chief executive Jensen Huang and a woman suspected of being a Chinese spy. The company has reportedly become the subject of an FBI investigation.
Despite rising revenue across the sector, OpenAI’s latest figures underline the challenge of balancing rapid growth with the enormous costs associated with developing and operating advanced AI systems.
