OpenAI's annualized revenue run rate stood at roughly $50 billion at the end of September, the Financial Times reports. The previously reported figure of nearly $70 billion was based on an extrapolation that, according to Axios, was meant to make OpenAI's numbers comparable with Anthropic's. The correction unsettled tech and chip stocks.
Quick Facts
- Revenue run rate: about $50 billion at the end of September, down from the initially reported $70 billion
- Growth: the annualized revenue run rate rose 77 percent in the third quarter according to CNBC, and 107 percent in the business customer segment
- Funding: negotiations for at least $30 billion at a targeted $1.4 trillion valuation before the new capital comes in
- Target: according to Bloomberg, an annualized run rate of at least $70 billion by the end of 2026
The Revenue Correction Is an Accounting Question
According to Axios, the gap between $50 and $70 billion stems from different accounting for partner sales. Anthropic records the full customer revenue on sales through cloud partners and then books the cloud provider's share as an expense. OpenAI counts only its own share as revenue for certain partner sales.
Axios notes that both approaches comply with US GAAP accounting standards. What matters is the role each company plays in the transaction, specifically who controls the customer relationship and is responsible for delivering the product. Anyone comparing the two companies should check which figure is being used.
Markets React Nervously
According to the Financial Times, tech stocks came under pressure, and chip stocks lost several percent. This shows how closely the market tracks the fortunes of the two leading US AI companies. Reports link the caution around IPOs to this nervousness: OpenAI has already pushed its own IPO into next year. CEO Sam Altman cited security risks, though according to the sources the timing was set before the recent cybersecurity incidents.
The central question remains whether revenue growth is sufficient to finance the large commitments for expanding computing capacity over the long term. The answer will likely depend closely on measurable productivity gains.
Classification: What This Means for German Companies
For German companies, the news is mainly a signal about the stability of the providers they rely on. Anyone integrating OpenAI services into products or processes should keep pricing and contract risks in view should the funding situation change. The accounting debate also shows that revenue figures across AI providers are only comparable with caution. Anyone evaluating providers should not rely on headline metrics alone.
Sources
Editorially owned by Ideal Syka. Sources and method: Newsroom & method. Tips and corrections: ai@i6eal.de.
