OpenAI Cuts B2B Prices Despite Adjusted Losses

Key Takeaways

1OpenAI reports $10 billion in revenue and $10.9 billion in adjusted operating losses for Q3 2026

2The publisher lowers its API prices, offers discounts, and rolls out API Agents and caching

3Competition from Anthropic, hyperscalers, and open-source models increases companies' bargaining power

4The published figures are unaudited, and financial comparisons with Anthropic should be approached with caution

Why it matters : Client companies can negotiate favorable terms on OpenAI's APIs in a highly competitive and rapidly changing market.

OpenAI reports $10 billion in revenue for the third quarter of 2026, with adjusted operating losses of $10.9 billion. The publisher is reducing its API prices, deploying an agent architecture, and emphasizing caching, while competition from Anthropic and hyperscalers influences corporate choices.

Buyers Gain Increased Bargaining Power

OpenAI's revenue growth combined with high losses creates a favorable environment for API purchases, allowing for annual discount negotiations. This dynamic comes as Anthropic is ahead with major accounts, while offerings from Microsoft, Google, and Amazon compete, and open-source models from Meta and Chinese labs provide similar performance at a lower cost. Installing an internal multi-model router is presented as the safest option to direct requests to lightweight or local models. The stability of prices may also depend on the audited financials of Anthropic during its IPO, which will need to confirm whether token sales yield a positive net margin without adjustments.

OpenAI Updates API Pricing and Technical Components

OpenAI is adjusting its B2B offerings with a decrease in the price per million tokens on the official grid, volume discounts, and a 50% discount through Batch and Flex modes. On the technical side, the publisher details prompt caching to reduce the cost of repetitive contexts. It is also deploying the Agents API architecture to automate business tasks beyond simple conversational use, continuing its decision to focus on autonomous agents.

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Strong Growth Figures but Negative Adjusted Profitability

The quarter shows $10 billion in revenue and $10.9 billion in adjusted operating losses. This represents a 50% increase compared to the $6.7 billion recorded in the previous quarter, during which adjusted losses were $10.1 billion. While the quarter-over-quarter growth now stands at 50%, up from 18% previously, the adjusted operating margin remains negative at -109%, after being -150% in the prior quarter.

Accounting Perspective: Unaudited Indicators and Heterogeneous Scopes

The figures come from investor documents revealed on November 10, 2026, by media outlets and have not been audited. They pertain to an adjusted operating result, which excludes certain charges and differs from net margins under GAAP, with a visible discrepancy in Microsoft's accounts. Caution is advised when comparing with Anthropic: OpenAI reports $50 billion in annualized revenue, while Anthropic shows $81 billion at the end of October, including $17 billion in the third quarter, and aims for a $1.4 trillion valuation according to its SEC filings. The scopes differ, with Anthropic including total sales through cloud partners, while OpenAI only retains its net share. In this context, the situation does not imply an imminent bankruptcy but explains the aggressive discounts observed on the API.