OpenAI’s Q2 revenue missed market expectations, while widening losses have weighed on its IPO narrative.

According to The Wall Street Journal, OpenAI disclosed to investors that its second-quarter revenue rose 18% quarter-over-quarter, climbing from $5.7 billion in Q1 to $6.7 billion. While nearly $7 billion in quarterly revenue is an impressive scale for most startups, this growth rate has still left some shareholders disappointed amid OpenAI’s current valuation, financing plans, and IPO expectations. What has drawn even more market attention, however, is the widening losses. The report states that OpenAI’s Q2 operating loss expanded to $12.3 billion from $9.3 billion in Q1, outpacing revenue growth. Since this figure includes stock-based compensation expenses, the company is further from its profitability target, prompting investors to reassess its pre-IPO financial path. By contrast, Anthropic is emerging as a source of pressure for OpenAI. The WSJ reports that Anthropic’s Q2 revenue rose to $11.6 billion, surpassing OpenAI for the first time, and the firm posted a small operating profit. While Anthropic’s profitability metrics still need further verification from its IPO prospectus, the company has already achieved notable growth in segments such as enterprise AI, code generation, and Claude Code, sparking market discussion over whether the commercialization pace between leading AI labs has reversed.