OpenAI Annualised Revenue Trails Investor Signal by $20 Billion as Nasdaq 100 Drops 1.7%
Updated
Updated · Financial Times · Oct 8
OpenAI Annualised Revenue Trails Investor Signal by $20 Billion as Nasdaq 100 Drops 1.7%
3 articles · Updated · Financial Times · Oct 8
Summary
OpenAI’s latest investor documents put annualised revenue near $50 billion at end-September, about $20 billion below the roughly $70 billion figure previously inferred by investors.
The gap stemmed from mismatched calculations with Anthropic: OpenAI excludes sales through cloud partners, while Anthropic includes revenue booked via AWS and Google Cloud.
July figures were also lower than investors had assumed—close to $30 billion rather than about $40 billion—though OpenAI still told backers revenue had risen more than 70% since then.
US tech stocks fell after the report, with the Nasdaq 100 down 1.7%, Nvidia off 2.9%, Oracle nearly 6% lower and Micron down 4%.
The revision lands as OpenAI discusses a funding round that could value it at about $1.4 trillion, sharpening scrutiny of AI demand metrics that underpin heavy infrastructure spending and broader market optimism.