Microsoft Bet Big on OpenAI. Anthropic's Profit Lead Raises Questions. — Barrons.com

What happened

OpenAI reported adjusted operating losses of $10.9 billion in the third quarter despite revenue rising about 50% from the previous quarter, while Anthropic reported a 15% adjusted operating profit margin and aims for 35%. Anthropic plans an IPO next week; OpenAI is not expected to go public until next year.

Confirmed

Global impact / market context

Microsoft owns about 24% of OpenAI, so OpenAI’s ability to narrow its losses and grow revenue could affect the value investors assign to that stake. Anthropic’s reported profit progress may sharpen comparisons, but different reporting methods could make the figures difficult to compare directly.

Analyst inference

The article describes a contrast between OpenAI’s large adjusted operating loss and Anthropic’s positive adjusted operating profit margin, while cautioning that the figures may not be directly comparable. Anthropic’s planned IPO could provide public-market scrutiny sooner than OpenAI’s expected listing next year.

Confirmed

What to watch

1. Watch for OpenAI’s subsequent financial disclosures on losses and revenue growth; improving results would indicate whether its business is moving closer to covering operating costs. Analyst inference
2. Watch whether Anthropic launches its planned IPO next week and what its filing says about profitability, including whether the stated 35% long-term margin goal changes. Proposed
3. Watch for clearer comparable financial measures from both companies, since differences in how adjusted operating profit is calculated could alter conclusions about which business is progressing faster. Analyst inference

Evidence

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