OpenAI's Q1 Revenue Reaches $5.7 Billion, Adjusted Operating Margin at -122%

According to insiders cited by The Information, OpenAI achieved revenue of about $5.7 billion in the first quarter of 2026, which is about $100 million more than its competitor Anthropic during the same period, temporarily securing its leading position. The coding tool Codex product line is the core engine of OpenAI's growth in this round, and its ChatGPT subscription and enterprise API services continue to expand.

However, Anthropic's annualized revenue has recently approached $45 billion, far exceeding OpenAI's annualized revenue of $25 billion in February of this year, and the gap between the two is rapidly reversing.

Anthropic's growth momentum has already attracted market attention. Insiders revealed that the company expects to double its revenue to nearly $11 billion in the second quarter alone, and additionally record about $600 million in unexpected operating profit, indicating that its business model is accelerating towards profitability. Based on this calculation, Anthropic's annual revenue is expected to significantly surpass OpenAI, overturning the market's previous judgment on the competitive landscape between the two.

According to insiders, OpenAI has indicated to investors that its adjusted operating profit margin for the first quarter is -122%. This means that even after excluding large items such as equity incentives, the company still loses $1.22 for every $1 of revenue generated. Continuous high R&D investment and the expansion of the Stargate data center plan consume a large amount of cash flow.

OpenAI's monthly active user base has broken through 1 billion, but there is still room for improvement in the paid conversion rate. Although Anthropic is not listed, the market's valuation expectations for it have approached $380 billion, and as its revenue growth and profitability outlook continue to improve, the expected valuation for an IPO may be further adjusted upwards.