OpenAI is bouncing back from the doldrums it experienced earlier this year. The company’s quarterly revenue crossed $10 billion for the first time, thanks to strong demand for its recent AI models, Bloomberg reported, citing anonymous sources.

If true, that would represent an almost 50% jump from the $6.7 billion in sales the company reportedly recorded in the second quarter. That would also mark a sizable increase in its revenue growth rate, which was previously said to be about 18% between the first and second quarters of the year.

OpenAI’s profitability picture also appears to have improved, with its adjusted operating margin narrowing from -150% in the second quarter to -109% in the third quarter, the report said.

OpenAI, one of the first to commercialize AI models, wasn’t exactly struggling to continue growing its top-line expansion — 18% growth on top of $5.7 billion in quarterly revenue is massive by any measure, especially compared to most software businesses.

But it was seeing those gains be trumped by its archrival Anthropic, which has taken the lead in capturing the enterprise market for AI models and recently reported Q3 revenue of $17 billion. OpenAI’s broader focus helped it attract a large user base and gain popularity early on, and it says it has over a billion users, but it’s reasonable to assume most of those are free users or subscribers to its cheapest plans.

Still, the company lagged Anthropic in catering to enterprises, a market where the Claude-maker has pulled ahead, at least in terms of revenue growth.

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