--- title: "OpenAI Reports $10.9B Quarterly Loss as Anthropic Prepares Record IPO" description: "OpenAI reported to investors a rise in quarterly operating losses to $10.9B despite an improved adjusted margin. Against this backdrop, Anthropic is preparing for the largest IPO in history with a valuation of about $1.4T." date: 2026-11-11T11:13:57.834Z lang: en url: https://xab.info/en/posts/openai-loss-anthropic-ipo tags: [openai, anthropic, ai, ipo, wall-street-journal, nvidia] author: "Alexander Buran" publisher: "XAB.info" --- # OpenAI Reports $10.9B Quarterly Loss as Anthropic Prepares Record IPO ![OpenAI CEO Sam Altman speaking at a presentation against the backdrop of a large company logo](https://xab.info/media/2026/11/11/openai-ubytok-anthropic-ipo/openai-ubytok-anthropic-ipo-1.webp) ## Key Points - OpenAI's adjusted operating margin improved to negative 109% from negative 150%, but operating losses rose to $10.9 billion. - OpenAI's Q3 revenue rose by roughly 50% to about $10 billion, while the loss exceeded revenue by nearly $900 million. - Anthropic is preparing an IPO with a valuation of about $1.4 trillion and could raise up to $100 billion, marking the largest offering in history. - Google, Nvidia, AMD, and Microsoft have agreed to buy $26 billion of Anthropic non-voting shares at the IPO price. - The listing takes place amid volatility in the AI market following the US midterm elections and the scandal surrounding Nvidia. According to documents reviewed by The Wall Street Journal, OpenAI told its investors that its adjusted operating margin improved to negative 109% compared to negative 150% in the previous quarter. However, in absolute terms, the company's situation remains severe: operating losses instead rose to $10.9 billion (about €9.72 billion) from $10.1 billion (about €9.01 billion) the previous quarter, the publication reported on Tuesday. ### Losses Grow Despite Margin Improvement As Kommersant clarifies, citing the same WSJ documents, OpenAI's third-quarter revenue increased by approximately 50% to reach about $10 billion. Meanwhile, the operating loss exceeded revenue by nearly $900 million. Thus, the company presents a contradictory picture: relative efficiency (margin) is gradually improving, but the scale of financial losses continues to expand amid massive spending on infrastructure and computing power. ### Anthropic Prepares for Record IPO The disclosure of OpenAI's finances coincided with investors closely examining the state of affairs in the artificial intelligence sector, including competitor Anthropic, which is preparing to go public. The maker of Claude AI models filed an application with the US Securities and Exchange Commission (SEC) with the intention of selling 825 million shares at a price between $70 and $78 each (from €62.44 to €69.58); the securities will trade under the ticker symbol "ANT". The company could be valued at approximately $1.4 trillion (about €1.25 trillion). ### The Biggest IPO in History? According to the filing, seven technology companies, including Google, Nvidia, AMD, and Microsoft, have agreed to purchase $26 billion (about €23.2 billion) worth of non-voting shares at the IPO price as part of a separate private placement; these companies are investors in Anthropic or major suppliers of its computing power. Anthropic is expected to raise up to $100 billion (about €89.2 billion), which would make this offering the largest IPO in history. B. Riley Wealth Management chief market strategist Art Hogan called the listing "just another chapter" in investor anxiety over the cost of deploying AI infrastructure and how to fund it, noting that investors have spent three years striving to be part of three companies: SpaceX, Anthropic, and potentially next year, OpenAI. ### Political Background and Volatility Anthropic's stock market debut comes as Wall Street digests the outcome of the US midterm elections, in which Democrats — who are more wary of AI — won control of both chambers of Congress and promised to slow down the implementation of President Donald Trump's agenda. This has increased volatility in stocks tied to the AI boom, with chipmaker Nvidia taking center stage after its CEO Jensen Huang became embroiled in a espionage scandal. Thus, OpenAI's financial report and Anthropic's upcoming IPO serve as an indicator of how long the market is willing to sustain the spending on artificial intelligence that is fueling the US economy. ## Fact-Check & Sources - [Операционные убытки OpenAI выросли до 10,9 млрд долларов за квартал](https://ru.euronews.com/2026/11/11/openai-reports-significant-losses-despite-an-increase-in-quarterly-revenue) - Primary source: OpenAI margin negative 109% vs negative 150%, losses $10.9B; Anthropic IPO details (825M shares, $70–78, ticker ANT, valuation ~$1.4T, raising up to $100B, private placement $26B), A. Hogan quote, political background. - [WSJ: операционные убытки OpenAI превысили выручку почти на $900 млн](https://www.kommersant.ru/doc/9094353) - Complementary: OpenAI Q3 revenue rose ~50% to $10B; loss exceeded revenue by almost $900M — consistent with $10.9B loss. ## FAQ ### What were OpenAI's operating losses for the last quarter? According to the WSJ, OpenAI's operating losses increased to $10.9 billion (about €9.72 billion) from $10.1 billion in the previous quarter, while the adjusted operating margin improved to negative 109% from negative 150%. ### How many shares and at what price does Anthropic plan to sell? Anthropic intends to sell 825 million shares at a price between $70 and $78 each (from €62.44 to €69.58) under the ticker "ANT", and place $26 billion of non-voting shares via a private placement. ### Why is Anthropic's IPO considered significant? The company's valuation could reach about $1.4 trillion, and raising up to $100 billion would make it the largest IPO in history; it is viewed as an indicator of the sustainability of the AI spending boom.