OpenAI reports $50 billion annualized revenue, below previous market estimates

OpenAI has informed investors that its annualized revenue is approaching $50 billion, a figure roughly $20 billion lower than previously reported market estimates.

The Financial Times and CNBC reported that OpenAI clarified its financial standing in recent investor presentations, citing a figure of approximately $50 billion as of the end of September. This contradicts reports from late last month that placed the company's annualized revenue near $68 billion to $70 billion. A person familiar with the matter told CNBC that the higher figures included gross revenue from partners to facilitate comparisons with competitor Anthropic.

Accounting differences distinguish the two AI labs, as TechCrunch noted that Anthropic counts sales from cloud partners while OpenAI does not. Despite the lower revenue figure, OpenAI told investors it achieved 77% total run rate growth during the third quarter. The company also reported 107% run rate growth for its enterprise business during that same period.

The update impacted several artificial intelligence and semiconductor stocks on Thursday. Nvidia shares fell 3%, Oracle shares fell nearly 6%, and CoreWeave shares slipped nearly 8%. Additionally, International reported that Advanced Micro Devices fell 4%, Broadcom fell 4%, Intel fell 5%, and Super Micro Computer fell nearly 5%.

OpenAI is currently under pressure to justify its $852 billion valuation ahead of a potential public debut. While the company reportedly filed a confidential prospectus in June, executives have signaled that a blockbuster IPO is now expected in 2027. TechCrunch noted that previous rumors of a 2026 IPO have been pushed back.

Background

OpenAI raised $122 billion in a March funding round. Leaked financials from earlier this year showed the company earned approximately $13 billion in 2025 but faced significantly higher spending.