OpenAI posts nearly $6bn quarter

OpenAI’s latest quarter shows how uneven the AI business has become. The company generated about $5.7 billion in first-quarter revenue, according to The Information, with Codex helping drive that growth. (theinformation.com) But the same reporting cycle also surfaced the other side of the ledger. Where’s Your Ed At, citing The Information’s figures, said OpenAI posted a negative 122% non-GAAP operating margin in the quarter and that ChatGPT growth had stalled. (wheresyoured.at) At the same time, Anthropic is raising the pressure on enterprise buyers and developers deciding which model vendor to standardize on. (bloomberg.com) Bloomberg reported that Anthropic is set to close a funding round that may top $30 billion as soon as next week, while its revenue run rate is expected to climb further. (theinformation.com) ### Why does nearly $6 billion in a quarter matter if the margins are still so bad? The $5.7 billion figure matters because it shows OpenAI has built real scale, not just consumer visibility. The Information reported that OpenAI held roughly a $1 billion first-quarter revenue lead over Anthropic, with Codex cited as a major contributor. (wheresyoured.at) The margin figure matters because it suggests scale is not yet translating into operating discipline. Where’s Your Ed At said a negative 122% non-GAAP operating margin implies OpenAI lost an additional $1.22 for every dollar of revenue in the quarter. That outlet also said the company remained on track for a $30 billion 2026 revenue goal, while warning that losses could remain severe if that margin profile persists. (bloomberg.com) ### Why is Codex such a big part of this story? Codex stands out because coding products are one of the clearest enterprise monetization paths for frontier-model companies. PYMNTS’ item on the quarter said demand for OpenAI’s coding offerings helped push revenue close to $6 billion. (theinformation.com) That matters more than a headline revenue number on its own. Revenue tied to developer tools and software workflows is typically stickier than casual chatbot use, and The Information’s framing suggests OpenAI’s growth is being supported by products companies can justify as operating spend. That is an inference from the reported role of Codex in the quarter, not a disclosed company breakdown. (wheresyoured.at) ### What does stalled ChatGPT growth change? ChatGPT still matters because it remains OpenAI’s most visible product and a funnel into paid plans, APIs and enterprise relationships. Where’s Your Ed At said OpenAI was struggling to convert free users into paying customers and that overall user growth had stalled. (pymnts.com) If that reporting is correct, it shifts attention toward whether enterprise and developer products can carry more of the business. That does not mean ChatGPT is shrinking; it means the latest reporting points to slower consumer momentum at the same time OpenAI is leaning harder on higher-value products such as Codex. (theinformation.com) ### Why is Anthropic suddenly part of the same conversation? Anthropic is in the story because investors and customers are comparing the two companies less as labs and more as competing platforms. Bloomberg reported that Anthropic could close a funding round of more than $30 billion as soon as next week, at a valuation above $900 billion. (wheresyoured.at) MSN’s pickup of the Bloomberg report said Anthropic expects its revenue run rate to top $50 billion next month. That figure should be treated as reported expectation rather than completed revenue, but it shows why enterprise buyers may see Anthropic as a stronger near-term counterweight to OpenAI than earlier in the cycle. (theinformation.com) ### What should readers watch next? Next week is the immediate milestone. Bloomberg said Anthropic’s round could close as soon as next week, making that financing a near-term marker for how aggressively capital is still chasing frontier-model vendors. (bloomberg.com) OpenAI’s next marker is whether later 2026 reporting shows better conversion, steadier ChatGPT growth or improved operating leverage. For now, the clearest verified facts are a roughly $5.7 billion first quarter, Codex-led momentum, and a reported margin profile that remains deeply negative. (theinformation.com) (bloomberg.com) (msn.com)