OpenAI's Brockman Says Revenue Grew 70% in Q3 After a 'Pretty Rough' First Half

OpenAI’s annualized revenue grew 70% in the third quarter and its enterprise revenue doubled, President Greg Brockman told a technology conference in Napa, California.

Businesses now bring in most of OpenAI’s revenue, and OpenAI is pushing Codex, its coding agent, to win more of them against Anthropic. A company choosing a coding agent now has two Labs competing for the same work, which puts the contract term and the cost of switching between them back in play.

How did a rough year turn?

Brockman said it became clear “even at the very beginning of the year” that Anthropic would overtake OpenAI in revenue. Both of the first two quarters were “pretty rough.” OpenAI already offered Codex, yet on coding, he said, “we weren’t even in the conversation.”

The third quarter ran the other way, and Brockman credited investments made before it began: GPT-5.6 Sol, OpenAI’s frontier model, and ChatGPT Work. Business customers once brought in about three of every ten dollars, by his rough estimate; consumer revenue has kept growing, but enterprise revenue “has really taken off.”

What did JPMorgan Chase sign?

OpenAI has signed a partnership with JPMorgan Chase that “has not been previously announced,” Brockman said, offering it when asked about OpenAI’s share of the enterprise market. The bank will use Codex, run OpenAI’s cyber models for its own security and deploy OpenAI’s models for what he called “knowledge work across the company.”

No price, term or user count came with the news. The bank already works with Anthropic on security: in April, Anthropic named JPMorgan Chase a launch partner in Project Glasswing, whose partners use Anthropic’s Mythos Preview model in their defensive security work. With the OpenAI deal, the bank works with both Labs on security.

How does Anthropic’s filing compare?

Anthropic, which has filed to go public, puts dollars on its growth: its amended registration reports third-quarter revenue of $16.96 billion, up from $11.56 billion in the second quarter. That is growth of about 47%, by The Denominator’s arithmetic, in revenue booked during the quarter; OpenAI’s 70% is growth in a run rate, so the two rates measure different things.

Accounts paying Anthropic $100,000 or more a year rose to more than 11,900 by Sept. 30, from 950-plus a year earlier. Among them are the 10 largest banks in the Fortune 500, the same kind of buyer Brockman held up as OpenAI’s proof.

The test for a company that picked a coding agent this year: could it move that work to the other Lab before its contract renews?