OpenAI has told investors that its third-quarter revenue jumped to $10 billion, up nearly 50% quarter over quarter, a sharp rebound from 17% growth in the second quarter, according to The Information. The company shared some financial metrics on an investor call on Tuesday (Nov 10) as it seeks to close a new fundraising round at a $1.25 trillion valuation.
The report, citing a person familiar with the matter, said the growth was driven mainly by rebounding demand for its newer models and enterprise products, marking an exit from a period of slower growth. Revenue growth this quarter was 2.6 times the year-earlier pace.
Revenue growth rebounds, enterprise demand the main driver
OpenAI's third-quarter revenue rose nearly 50% quarter over quarter, above the 17% sequential gain in the second quarter. The report said the growth came from rising demand for its newer models and enterprise products. The company did not disclose data on specific product lines or its customer mix in the source material.
On a year-over-year basis, growth this quarter was 2.6 times the year-earlier pace, indicating a marked acceleration in revenue expansion from a year ago. The source material did not provide financial metrics beyond absolute revenue, such as costs or profit.
| Metric | Q3 2025 | Q2 2025 |
|---|---|---|
| Revenue | $10 billion | Not disclosed |
| Quarter-over-quarter growth | Nearly 50% | 17% |
| Year-over-year growth | 2.6x year-earlier pace | — |
Funding and valuation: $1.25 trillion target in progress
OpenAI disclosed the financial data on Tuesday's investor call as it seeks to complete a new funding round at a $1.25 trillion valuation. The source material did not specify the size of the round, the makeup of investors or the expected closing date.
Separately, the Financial Times' FirstFT newsletter reported that OpenAI rival Anthropic has raised its valuation target to $1.4 trillion. The newsletter also said the US Commerce Department delayed efforts to blacklist a company linked to an alleged Chinese spy, and that SoftBank slumped to a $7 billion loss. Those items are not directly related to OpenAI's fundraising but reflect intensifying valuation competition among leading AI companies.
Whether OpenAI's new round closes at a $1.25 trillion valuation, its final size and the list of investors are the key points to watch.
What to watch
Whether OpenAI's new round closes at a $1.25 trillion valuation, its final size and the list of investors are the key points to watch. In addition, after Anthropic raised its valuation target to $1.4 trillion, how the valuation and revenue race between the two leading AI companies unfolds will be an important signal for gauging progress in AI commercialization.