OpenAI Reportedly Tells Investors Annualized Revenue Is Near $50 Billion, Down $20 Billion From Prior Projections

The ChatGPT application icon on a smartphone screen, photographed in September 2026 as OpenAI rolled out GPT-6 Astra. (Photo: Samuel Boivin/NurPhoto via TechCrunch)

TL;DR

Differences in how companies account for cloud partner sales can create significant variances in annualized revenue projections.

• Revenue Revision: OpenAI has reportedly informed investors that its annualized revenue is approaching $50 billion, approximately $20 billion below figures reported a little over a week ago.
• Origin of the $70 Billion Figure: The previous $70 billion estimate stemmed from attempts by OpenAI investors to directly compare its performance with rival Anthropic's reported run rate.
• Accounting Methodology: OpenAI and Anthropic measure annualized revenue differently; Anthropic includes sales made through its cloud partners, whereas OpenAI does not count partner sales.
• Financial Context: OpenAI raised $122 billion in a March funding round, while leaked 2025 financials indicated approximately $13 billion in revenue against significantly higher spending. The company's anticipated IPO has been deferred to early 2027.

OpenAI has reportedly informed investors that its annualized revenue is approaching $50 billion, representing a $20 billion difference from estimates reported just over a week ago that placed the figure near $70 billion.

According to a report published by the Financial Times, the artificial intelligence company clarified the updated run rate directly with its investors. The adjustment highlights how differing accounting practices and comparison benchmarks can dramatically shape financial valuations across the fast-growing generative AI sector.

How the Earlier $70 Billion Projection Came About

Heavy capital requirements and infrastructure expenditures continue to influence fundraising and public listing timelines for artificial intelligence leaders.

The previous $70 billion annualized revenue figure had surfaced in recent news reports based on documentation shared with OpenAI investors. According to the Financial Times, that figure emerged from attempts by OpenAI's own investors to establish a direct comparison with the annualized run rate of competitor Anthropic.

Anthropic had previously reported that its annualized revenue reached $65 billion. In seeking an equivalent benchmark, investor models produced the $70 billion calculation before the company clarified that its actual annualized revenue is nearing $50 billion. TechCrunch reported that it reached out to OpenAI for comment regarding the disclosures.

Accounting Differences Between AI Competitors

A key driver behind the conflicting numbers lies in how competing artificial intelligence firms account for their revenue streams:

• Anthropic: Includes sales generated by its third-party cloud partners when calculating its reported annualized revenue.
• OpenAI: Excludes partner cloud sales from its annualized calculations, tallying only direct revenues.

In corporate financial reporting, an annualized run rate takes performance over a short snapshot—such as a single month or quarter—and multiplies it to project full-year performance. Because run rates are mathematical extrapolations rather than audited full-year historical earnings, differences in whether external partner channels are counted can generate multi-billion-dollar variances.

Mounting Scrutiny Over Capital and Spending

The reported revenue numbers come as leading AI developers work to justify massive investment rounds and operational expenses. In March alone, OpenAI secured a funding round of $122 billion to support its intensive research and computational needs.

Earlier this year, leaked financial figures from 2025 indicated that OpenAI brought in roughly $13 billion in revenue while spending significantly more to develop and operate its frontier models. Amid these financial realities, OpenAI's potential initial public offering (IPO), which had previously been rumored for 2026, has been pushed off until early 2027.

Frequently Asked Questions

What is OpenAI's reported annualized revenue?

According to the Financial Times, OpenAI has told investors that its annualized revenue is currently approaching $50 billion.

Why was OpenAI's revenue previously projected at $70 billion?

The $70 billion estimate was devised through attempts by OpenAI's own investors to produce a direct comparison with rival Anthropic's annualized figures.

How do OpenAI and Anthropic calculate revenue differently?

Anthropic incorporates sales made through its cloud partners into its annualized revenue figures, whereas OpenAI does not count cloud partner sales.

When is OpenAI expected to hold its IPO?

OpenAI's initial public offering, previously rumored to occur in 2026, has been pushed back until early 2027.

Sources & Further Reading

• TechCrunch