OpenAI Annual Revenue Trails Previous Reports by 20 Billion Dollars

OpenAI's annual revenue is lower by approximately 20 billion dollars than previously reported figures, a significant gap that could temper optimism surrounding the growth pace of artificial intelligence demand. This revelation comes from financial documents shared by the company with investors, according to a report by the Financial Times.

Revenue Discrepancy Factors

OpenAI recently informed investors that its annualized revenue is approaching 50 billion dollars as of the end of September. This figure is significantly lower than the 70 billion dollars reported by the Financial Times and other media outlets late last month, which had been based on information provided to investors.

The annualized revenue metric, alongside rival Anthropic's corresponding figure, is considered one of the most critical indicators for assessing overall demand for artificial intelligence products. It also underpins the massive investments in infrastructure required to operate AI systems and is tied to growth in public stock markets.

Comparison Methodology

According to an individual familiar with the matter, the gap between the figures arose from attempts by OpenAI investors to draw a direct comparison between the company's annual revenue and that of Anthropic. The two companies calculate this metric using different methods. Anthropic includes revenues from sales conducted through its cloud partnerships—such as Amazon's AWS and Google Cloud—in its annualized revenue calculation, whereas OpenAI does not.

"The attempts to gross up OpenAI's annual revenues led to reports claiming the company reached 40 billion dollars in August already."

Since then, OpenAI has informed investors that its revenue grew by more than 70 percent. Based on this metric, reports reached the 70 billion dollar annual revenue figure. However, the financial documents now presented to investors indicate that the company's annualized revenue stood close to 50 billion dollars at the end of September—some 20 billion dollars less than previously reported.

Market Implications

The gap may prove significant not only for OpenAI but also for how the market evaluates demand for artificial intelligence products and the industry's growth pace. Revenue data from OpenAI and Anthropic serve as a primary indication of AI service demand, helping to justify massive investments in computing infrastructure, data centers, and microchips. OpenAI declined to comment.