OpenAI annualized revenue nears $50 billion, about $20 billion below earlier estimates
Investors were told that OpenAI's annualized revenue stood at about $50 billion at the end of September, roughly $20 billion below the figure media reported last month. The gap traces to how OpenAI and Anthropic record sales made through cloud partners.
Revised figure for late September
OpenAI has told investors that its annualized revenue stood at about $50 billion at the end of September, according to the Financial Times, which cited unnamed sources. That is roughly $20 billion below the figure of nearly $70 billion that media outlets reported last month. Bloomberg, citing people familiar with the matter, separately reported that OpenAI is on track to generate annualized revenue of roughly $50 billion based on its current performance. The figure still marks growth over the prior year but sits below some recently published estimates. OpenAI had not initially responded to a request for comment. Annualized revenue projects sales from a shorter period, such as the last month, across a full year, a metric that OpenAI, Anthropic and other AI companies often present as a central growth figure.
- OpenAI raises $122 billion in a funding round led by Amazon, Nvidia and SoftBank
- Media report annualized revenue approaching $70 billion
- OpenAI tells investors annualized revenue is about $50 billion
- Financial Times reports the revised figure
Why the two figures differ
The $70 billion figure was based on information shared with investors in an attempt to create a more direct comparison with Anthropic, according to Axios. The difference lies in how each company books sales made through cloud partners. Anthropic includes revenue from cloud partner sales in its tally. Francine McKenna, an accounting professor and author of the newsletter The Dig, explained to Axios that if a customer pays $100 for an AI service through a cloud provider, Anthropic's method allows it to record the full $100 as top-line revenue, with the cloud provider's cut listed as an expense. OpenAI records only its share of certain partner sales. Axios said both companies are GAAP compliant. Investors also wanted to compare OpenAI's figures more directly with Anthropic's, including how sales through cloud providers are recorded.
- Reported in September
- 70 $ billion
- Told to investors, end of September
- 50 $ billion
Investor and IPO backdrop
OpenAI raised $122 billion in a funding round in March, led by Amazon, Nvidia and SoftBank, which valued the company at $852 billion, according to Europa Press. The company's initial public offering has been pushed back to early 2027, according to TechCrunch. Sam Altman, who leads OpenAI, told Bloomberg in an interview that the company wants to settle and understand how to operate under its new model, and he said he believes investors will be patient about the listing. TechCrunch noted that leaked 2025 financials showed OpenAI made about $13 billion but spent significantly more. Axios, citing the Financial Times, reported that Anthropic told investors it realized an operating profit in the second quarter, though those figures excluded stock-based compensation.
What investors will weigh
Axios noted that public-market investors tend to prefer actual revenue over annualized projections, which it described as more appropriate for early-stage startups. TechCrunch said the earlier $70 billion figure would have made OpenAI competitive with Anthropic's reported run rate, and that the revised number has added to questions about the revenue the company has reported. The issue has weighed on OpenAI as it seeks to justify heavy investment spending made on its behalf. TechCrunch reached out to OpenAI for comment.
