**[OpenAI's Q2 Revenue Falls Short of Market Expectations, Widening Losses Put IPO Narrative Under Pressure]** BlockBeats News, August 19 — According to a report by *The Wall Street Journal*, OpenAI disclosed to investors that its second-quarter revenue grew 18% quarter-over-quarter, rising from $5.7 billion in Q1 to $6.7 billion in Q2. For most startups, nearly $7 billion in single-quarter revenue is already an exceptional scale, but given OpenAI's current valuation, fundraising plans, and IPO expectations, this growth rate has still disappointed some shareholders. What has drawn even more market attention is the widening losses. The report states that OpenAI's operating loss in Q2 expanded from $9.3 billion in Q1 to $12.3 billion, with the growth rate of losses outpacing revenue growth. Since this figure includes equity incentive expenses, the company is now further away from its profitability target, prompting investors to reassess its financial trajectory ahead of a potential IPO. In comparison, Anthropic is emerging as a source of pressure for OpenAI. According to *WSJ*, Anthropic's Q2 revenue increased to $11.6 billion, surpassing OpenAI for the first time, and achieved a slight operating profit. Although Anthropic's profitability metrics still await further validation in its prospectus, it has already demonstrated significant growth in areas such as enterprise AI, code generation, and Claude Code. The market has begun to discuss whether the commercialization pace among AI labs has undergone a reversal.