OpenAI Revenue Rises to $10B but Operating Losses Persist

The headline number flatters the underlying economics: revenue doubled the pace of margin improvement, yet the operating loss still grew because the cost base scales with usage. A -109% adjusted operating margin means OpenAI still spends more than two dollars for every dollar it earns, which matters for the whole AI compute supply chain banking on sustained demand rather than profitable demand. Whether margin gains keep outpacing loss growth as revenue climbs is the open question.