(Nov 11) : OpenAI’s quarterly revenue hit US$10 billion for the first time in the three months ending in September, according to a person familiar with the matter, driven by strong demand for its latest artificial intelligence software. 

The ChatGPT maker’s revenue increased nearly 50% from the prior quarter and nearly threefold from the same period a year earlier, said the person, who spoke on condition of anonymity as the information is not public. The financial details were shared with investors during a call on Tuesday. 

OpenAI declined to comment.  

After slipping behind longtime rival Anthropic PBC this year by some measures, OpenAI has regained momentum with competitive new AI models, aggressive price cuts and a greater focus on AI agents to help customers automate work. OpenAI’s business has shown signs of accelerating at a moment when Anthropic’s revenue growth has begun to slow somewhat. 

Anthropic, which is nearing a landmark Wall Street debut, reported third-quarter revenue of about US$17 billion. The rate of growth from the second quarter slowed to around 47%, compared to a more than 140% increase in the previous quarter. (OpenAI and Anthropic have historically calculated revenue figures differently.)

OpenAI is in the process of completing a new round of funding at a US$1.25 trillion valuation after delaying plans to go public until next year. OpenAI recently completed an initial US$11 billion part of that round, Bloomberg News previously reported. 

Anthropic is targeting a US$1.4 trillion valuation for its public listing later this month.

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