OpenAI has reported an annualized revenue run rate close to $50 billion for September, a notable revision from an earlier indication of nearly $70 billion. The discrepancy stems from varying approaches to revenue accounting, particularly when compared to its rival Anthropic.
- OpenAI's September annualized revenue estimated near $50 billion.
- Earlier projection was close to $70 billion, revised due to accounting differences.
- Anthropic's revenue includes cloud partner sales; OpenAI’s excludes these.
What happened
OpenAI informed investors that its annualized revenue for September reached nearly $50 billion. This figure is lower than an earlier indication that suggested a run rate approaching $70 billion for the same period. The change was revealed by an anonymous source familiar with the matter and was first reported by the Financial Times.
The revision resulted primarily from OpenAI's effort to align its revenue reporting for easier comparison with its AI competitor Anthropic. Unlike OpenAI, Anthropic includes revenue from cloud platform sales, even though it pays around 16% of those earnings to cloud providers like AWS and Google Cloud.
Why it matters
The update on OpenAI’s revenue serves to highlight differing accounting practices between major AI players that can affect market perceptions and valuation. It underscores the importance of understanding how such fast-growing tech companies recognize revenue, especially ahead of their planned public offerings.
Anthropic’s inclusion of cloud partner sales inflates its reported revenue compared to OpenAI’s more restricted calculation approach. This discrepancy might influence investor comparisons and expectations, as both companies race to capitalize on soaring demand for AI applications.
What to watch next
Observers and investors will closely monitor forthcoming disclosures when OpenAI and Anthropic proceed with their initial public offerings (IPOs). These events should provide clearer insights into financial metrics, revenue sustainability, and business models, particularly amid intense competition in the AI sector.
As the companies transition to public markets, analysts will evaluate not just headline revenue numbers but also the underlying structure of those revenues—including reliance on cloud partnerships and growth drivers—to better assess future prospects in an evolving and highly competitive AI landscape.