OpenAI’s 2Q revenue growth trails Anthropic as losses widen

OpenAI just posted the kind of quarter that disappoints some shareholders, even as the company continues to grow at a substantial scale. The AI research and tech company behind ChatGPT saw losses deepen and its operating margin worsen in 2Q. The top line rose 18% q-o-q to USD 6.7 bn, up from USD 5.7 bn, while its operating loss widened to USD 12.3 bn, up 32% from USD 9.3 bn, The Wall Street Journal reports.

How the competition fared: Anthropic, the AI firm behind Claude, more than doubled its top line to USD 11.6 bn over the same period and swung to a small operating income, marking the first quarter it outpaced its older rival.

The reshuffle upstairs doesn’t help the optics: CRO Denise Dresser is out after less than a year, joining former COO Brad Lightcap and product chief Fidji Simo (who was once seen as a possible successor to sitting CEO Sam Altman) on the list of executives who left ahead of a much-anticipated IPO.

REFRESHER- OpenAI said on June 8 that it had recently submitted a confidential S-1 registration statement for a potential US IPO while stressing that it has not determined a listing timetable. Reuters had previously reported that the company was targeting a valuation of up to USD 1 tn and that a debut could come as early as September. In late June, Reuters reported that OpenAI was considering delaying its public debut until 2027, citing a New York Times report. Reuters also said CFO Sarah Friar told some associates that the company was aiming for a 2027 listing.

None of this changes the fact that Abu Dhabi’s MGX is an OpenAI investor. One quarter of slower revenue growth and deepening losses does not itself determine the durability of a USD 852 bn valuation. But it raises the question of whether OpenAI can sustain the growth needed to support that valuation, particularly as Anthropic has overtaken it on quarterly revenue.

Qatar’s QIA is an Anthropic investor, having first invested in September 2025 and increased its stake in the company’s USD 30 bn Series G financing. Meanwhile, MGX has investments in OpenAI, xAI, and Anthropic. What MGX is exposed to is execution risk across multiple leading AI companies, right as Anthropic — which reported a small operating income in the quarter and faster revenue growth from a smaller base — has strengthened its competitive position.

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MARKETS THIS MORNING-

Asian markets made notable gains in early trading, with South Korea’s Kospi gaining 4.8%, followed by Japan’s Nikkei at around 1.3%. The gains coincide with news of US Treasury bond buybacks and SK Hynix’s stock repurchase.

THE CLOSING BELL-

The EGX30 fell 1.4% at yesterday’s close on turnover of EGP 14.7 bn (37.7% above the 90-day average). International investors were the sole net sellers. The index is up 30.3% YTD.

In the green: Orascom Investment Holding (+3.3%), Misr Cement (+1.1%), and Heliopolis Housing (+0.5%).

In the red: AMOC (-4.3%), Egypt Aluminum (-3.1%), and Telecom Egypt (-2.9%).