OpenAI Revenue Nears $50 Billion, $20 Billion Below Prior Projection
OpenAI says annualized revenue is approaching $50 billion, not $70 billion, as differing Anthropic comparisons cloud its finances before its planned 2027 IPO.
Summary
On October 8, 2026, OpenAI told investors its annualized revenue was approaching $50 billion, about $20 billion below the nearly $70 billion figure circulated just over a week earlier. Investors had devised the higher estimate to compare OpenAI directly with Anthropic, whose reported run rate it would have rivaled.
The comparison used incompatible accounting: Anthropic includes sales through cloud partners in annualized revenue, while OpenAI excludes them. The lower figure complicates OpenAI’s effort to justify its investment and spending after raising $122 billion in a March funding round. Leaked 2025 financials showed about $13 billion in revenue and significantly higher spending. An IPO previously rumored for 2026 has been postponed until early 2027.
Positives
- OpenAI’s annualized revenue is approaching $50 billion, substantially above the roughly $13 billion shown in leaked 2025 financials.
- OpenAI raised $122 billion in a March funding round alone, demonstrating investors’ willingness to finance its expansion.
- OpenAI excludes cloud partner sales from annualized revenue, making its $50 billion figure narrower than Anthropic’s metric.
Risks & concerns
- OpenAI’s annualized revenue is about $20 billion below the nearly $70 billion figure circulated just over a week earlier.
- Leaked 2025 financials showed OpenAI spent significantly more than the roughly $13 billion it generated.
- Anthropic and OpenAI calculate annualized revenue differently, undermining direct comparisons between their reported run rates.
- OpenAI’s IPO, previously rumored for 2026, has been postponed until early 2027.
- The reduced revenue figure increases pressure on OpenAI to justify $122 billion raised in March and its broader investment requirements.