Fastrack · OpenAI Revenue Reportedly $20 Billion Below Projections

OpenAI told investors it reached roughly $50 billion in annualized revenue at the end of September. Earlier reports had put the figure near $70 billion.

$68 billion figure included partners' gross revenue, a person familiar said.
77% total run-rate growth in the third quarter, the person said.
107% run-rate growth for the enterprise business in the same quarter.
Anthropic counts cloud partners' sales in its annualized revenue; OpenAI does not.

Why it matters: OpenAI faces pressure to justify its $852 billion valuation ahead of an expected IPO. Shares of companies tied to its spending fell on the report.

Nasdaq dropped more than 1% after the Financial Times report.
Oracle shares fell more than 5%; Nvidia, AMD and Microsoft also declined.

How 13 sources split on this story

Source landscape

Factuality

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Strong LeftLeftLean LeftCenterLean RightRightStrong Right

Political Bias

Coverage by lean% of 13 sources

13 sources · 21 articles · 62% Center coverage

Where they split: Outlets differ on whether the gap reflects an accounting difference for comparing with Anthropic or a sign that AI demand is weaker than claimed.

Center coverage, 8 sources: The center sees a market story: AI stocks fell as investors absorbed new detail on OpenAI's revenue.

CNBC17hCNBC Daily Open: What happened to the $20 billion?Bloomberg6hAnthropic and OpenAI’s Revenue Calculations Confuse Investors Financial Times2hWhy OpenAI’s revenue numbers really matter IBTimes12hOpenAI's Revenue in September Was Lower Than Previously Reported. It Now Expects it to Climb 40% by The End of 2026.Axios1dOpenAI annualized revenue $20 billion less than previously reported MarketWatch1dMicron, Nvidia and AI chip stocks fall as report on OpenAI’s revenue causes ‘undue concern’Reuters1dOpenAI's annualized revenue $20 billion less than previously signaled, FT reports Semafor13hOpenAI tries to reassure investors with annualized revenue target

Left coverage, 3 sources: The left sees a methodology gap that sharpens questions about OpenAI's heavy spending against its revenue.

TechCrunch1dOpenAI's revenue is reportedly $20 billion less than previously projected | TechCrunch CNN1dTech stocks drop after report that OpenAI’s revenue is lower than expected The Guardian16hOpenAI projected to bring in $20bn less in revenue than expected

Right coverage, 2 sources: The right sees evidence that the AI demand narrative is overstated and the sector is overleveraged to OpenAI.

ZeroHedge8hAI's $20 Billion Accounting Scare Newsmax10hOpenAI Revenue Falls Short by $20 Billion

What’s next: OpenAI is in early talks with investors about a new round. CNBC previously reported it could raise around $30 billion.

OpenAI confidentially filed its IPO prospectus in June and is eyeing a 2027 debut.
Why OpenAI did not publicly address the higher figure after it circulated in late September.
Whether the revenue gap changes terms for OpenAI's next funding round or IPO valuation.