OpenAI Told Investors Its Annualized Revenue Was About $50 Billion, Not the ~$70 Billion That Circulated

The roughly $70 billion run-rate figure that circulated for OpenAI late last month was about $20 billion higher than what OpenAI itself has now shown investors. The Financial Times reported on October 8 that OpenAI told investors its annualized revenue was "approaching $50 billion" at the end of September, citing financial documents the company shared with them. CNBC then confirmed that OpenAI told investors it hit roughly $50 billion in annualized revenue at the end of September.

That is well below the figure that circulated late last month. TechCrunch puts it at "approaching $70 billion"; CNBC at $68 billion. Times of AI's report on OpenAI's $30 billion round, first published September 29, gave Bloomberg's figure of about $40 billion for OpenAI's August run rate; an October 6 update to that piece added a note that Reuters had put the run rate "nearing $70 billion" and that the two figures conflicted. None of those figures was an OpenAI disclosure.

Where the gap came from, as far as the sources say

The sources give overlapping but not identical explanations, and OpenAI has not publicly addressed it:

• FT, via TheFly and TechCrunch: the higher figure came from "attempts by OpenAI's own investors to produce a direct comparison with Anthropic's annualised revenues," and a person with knowledge of the matter told the FT the two companies calculate the figure in different ways.
• CNBC: a person familiar with the matter said the $68 billion figure "included gross revenue from OpenAI's partners," which helps investors compare OpenAI more directly with Anthropic.
• TechCrunch: notes that the two companies calculate annualized revenue differently, with Anthropic counting sales made by its cloud partners and OpenAI not doing so.

Neither report sets out which partner revenue was included or how it was counted. TechCrunch said it had asked OpenAI for comment.

What else OpenAI showed investors

According to CNBC's source, the investor presentation also cited 77% total run-rate growth during the third quarter and 107% run-rate growth for OpenAI's enterprise business over the same period. For comparison, CNBC notes that Anthropic told investors in August its annualized revenue run rate hit $65 billion at the end of July, a figure we reported at the time. TechCrunch says Anthropic counts sales made by its cloud partners and OpenAI does not, so the two figures are not calculated the same way.

The market reaction

CNBC reported on Thursday afternoon, New York time, that Nvidia shares had fallen 3%, Oracle nearly 6% and CoreWeave nearly 8%, with AMD and Broadcom down 4%, Intel down 5% and Super Micro Computer down nearly 5%. Those were moves at the time of CNBC's report, not closing prices. TheFly, carried by Markets Insider, said Microsoft shares moved lower after the FT report.

The reset matters because the run rate is one of the few numbers outside investors have for a company CNBC says is valued at $852 billion. OpenAI confidentially filed its prospectus in June and executives have signalled a 2027 debut, per CNBC; it is also in early talks on a new round of around $30 billion, with no term sheet finalized. A figure of about $50 billion is still very large. But the circulated number that framed comparisons with Anthropic is not the one OpenAI's own investor documents show, and the same afternoon's selloff in chip and cloud names suggests how closely those comparisons are watched.

Limits

• The FT report is paywalled and we could not load it; its findings are taken from TechCrunch, TheFly (via Markets Insider) and CNBC, which credit the FT.
• CNBC's confirmation, the $68 billion explanation and the growth percentages all come from one person who asked not to be named.
• Stock moves are intraday figures as of CNBC's report, not closing prices.

Sources

• CNBC: Nvidia, Oracle, CoreWeave and other AI stocks sink on OpenAI revenue report (October 8, 2026)
• TechCrunch: OpenAI's revenue is reportedly $20 billion less than previously projected (October 8, 2026)
• Markets Insider (TheFly): OpenAI says annualized revenue nearing $50B in September, FT reports (October 8, 2026)
• Financial Times: OpenAI annualised revenues $20bn less than previously signalled (October 8, 2026; paywalled, not read)
• Times of AI: Update: OpenAI Courts UAE Funds Led by MGX, Plus BlackRock, for Its $30B Round at ~$1.4T
• Times of AI: Anthropic’s July Exit Run Rate Hits $65B — the IPO Tape After the Pause