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OpenAI reportedly tells investors annualized revenue is approaching $50 billion
OpenAI told investors its annualized revenue is approaching $50 billion, the Financial Times reported, about $20 billion below a figure that circulated earlier. The gap reportedly comes from counting net rather than gross revenue from partners. AI stocks fell after the report, with Oracle down 5.5% and CoreWeave down 8%. OpenAI's IPO has been pushed to 2027.
Key points
- The FT reported OpenAI told investors annualized revenue is approaching $50 billion.
- That is about $20 billion below a figure reported weeks earlier.
- The gap reportedly reflects net versus gross revenue from partners.
- Oracle fell 5.5% and CoreWeave 8% after the report.
- OpenAI has signaled its IPO will come in 2027.
What happened: OpenAI told investors that its annualized revenue is "approaching $50 billion," the Financial Times reported on October 8, according to TechCrunch and SiliconANGLE. That is about $20 billion less than a higher figure reported earlier. Axios reported on September 29 that OpenAI's annualized revenue was near $70 billion, while SiliconANGLE cited a widely reported $68 billion figure.
The details: According to the FT, the higher number came from information shared with OpenAI investors in an attempt to compare OpenAI directly with Anthropic. SiliconANGLE reported that an anonymous source said the higher figure included gross revenue from OpenAI's partners, while the $50 billion figure uses net revenue. TechCrunch noted that the two companies calculate annualized revenue differently, with Anthropic counting sales made through its cloud partners. OpenAI also cited 77% growth in its annual revenue run rate during the third quarter and 107% growth in its enterprise business run rate, SiliconANGLE reported.
SiliconANGLE reported that the Nasdaq fell 1.25%, its worst day since mid-August, and the S&P 500 fell 0.5%. Oracle, which has large contracts with OpenAI, dropped 5.5%. Intel fell 5.3%, Nvidia 2.9%, CoreWeave 8%, and AMD and Broadcom about 4% each. Holger Mueller of Constellation Research told SiliconANGLE there is "no room for error" in investors' calculations about AI finances.
Background: OpenAI raised $122 billion in a March 2026 funding round, TechCrunch reported, and SiliconANGLE put its most recent valuation at $852 billion. OpenAI confidentially filed for an IPO in June but has now signaled a 2027 debut. Anthropic is reportedly still targeting a 2026 IPO. TechCrunch said it contacted OpenAI for comment, and the report did not include a response.
Who it affects: The revision matters beyond investors. AI providers are spending heavily on computing capacity, and SiliconANGLE noted that lower than expected revenue could affect OpenAI's ability to meet contractual obligations across the industry. Business customers rely on these companies for long-term access, pricing stability and product roadmaps.
What to watch: Watch for OpenAI's own public figures, any change in its IPO timeline, and whether suppliers such as Oracle and CoreWeave adjust their outlooks. Differences in how AI companies define revenue also mean headline comparisons between providers should be read with care.
Our take
Vendor finances affect pricing, contract terms and long-term support, so teams committing to a single AI provider should watch how revenue pressure shapes plans and prices.