OpenAI's quarterly revenue rose about 50% to $10 billion in the third quarter. However, the group behind ChatGPT continued to post steep operating losses, according to the Wall Street Journal.
According to documents viewed by The Wall Street Journal, OpenAI told investors that its adjusted operating margin improved to -109% from -150% in the previous quarter.
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The company's operating losses, however, widened to $10.9 billion (€9.72bn) from $10.1 billion (€9.01bn), the WSJ reported on Tuesday.
The disclosure comes as investors closely scrutinise the finances of AI companies, including rival Anthropic, which is preparing for an IPO that could value it at around $1.4 trillion (€1.25trn).
The stock market debut will be the first by one of the leading AI model developers and is being seen as a gauge of how long the AI spending boom lifting the US economy can last.
The maker of the Claude AI models said in a filing with the US Securities and Exchange Commission that it aims to sell 825 million shares at between $70 and $78 each (€62.44–€69.58). The shares will trade under the ticker "ANT."
Seven tech companies including Google, Nvidia, AMD and Microsoft have also agreed to buy $26 billion (€23.2bn) of non-voting shares at the IPO price in a separate private placement, the filing showed.
The companies are investors in Anthropic or major suppliers of its computing power.
Anthropic had been expected to raise up to $100 billion (€89.2bn), which would have made it the largest IPO on record.
Anthropic's listing is "just another chapter" in investors' worries over the cost of the AI buildout and how it gets financed, Art Hogan, chief market strategist at B. Riley Wealth Management, told AFP.
"But at the end of the day, I think there are three massive companies that investors have wanted to be part of for the last three years and that’s SpaceX for sure, Anthropic is next, and perhaps next year OpenAI," he said.
The listing comes as Wall Street digests the results of the US midterm elections, in which Democrats, who are more wary of AI, won control of both chambers of Congress and have vowed to put the brakes on President Donald Trump's agenda.
The slide has brought volatility to shares of companies linked to the AI boom, with AI chip-maker Nvidia particularly in focus after chief executive Jensen Huang was caught up in a spy scandal.
