OpenAI's Enterprise Revenue Just Crossed $12B. The Real Story Is Margin.

OpenAI's enterprise book of business hit a $12 billion annualized run-rate this quarter, according to two people familiar with the matter — a milestone that, on its own, would make it one of the fastest-scaling software companies in history.

But the more interesting line in the model is gross margin. Cost-per-million tokens for the company's flagship reasoning model has fallen roughly 71% year-over-year, while enterprise contract pricing has compressed only 18%. The delta is now wide enough that OpenAI's marginal contract economics rival mature SaaS comparables.