OpenAI annualised revenues $20bn less than previously signalled
OpenAI has informed its investors that its annualized revenue is now estimated at roughly $50 billion, a stark reduction from the previously cited figure of about $70 billion that had circulated in the media. The correction comes after the Financial Times reported that the AI lab’s latest internal guidance places its revenue about $20 billion lower than the earlier estimate, underscoring a significant gap between public perception and the company’s actual financial performance. This revelation follows a wave of speculation about OpenAI’s valuation and its capacity to justify the massive capital it has attracted, including a $122 billion infusion during a March funding round.
The discrepancy stems largely from differing methodologies used to calculate annualized revenue. Earlier reports had relied on figures supplied to OpenAI investors, which were derived by attempting to align OpenAI’s numbers with those of competitor Anthropic. Anthropic’s reported run rate includes sales generated through its cloud partners, whereas OpenAI excludes such partner‑derived revenue from its calculations. This methodological divergence means the $70 billion number was not a direct apples‑to‑apples comparison, and the revised $50 billion estimate reflects OpenAI’s own accounting standards. The company’s financial transparency has been further called into question by leaked 2025 financial statements that showed roughly $13 billion in revenue but expenditures that far outpaced earnings.
The revised revenue outlook arrives as OpenAI grapples with broader strategic challenges. The lower figure complicates the justification for the gargantuan investments it has secured and has contributed to the postponement of a previously rumored initial public offering, now pushed to early 2027. Stakeholders, including investors and potential partners, must reassess the company’s growth trajectory and profitability prospects in light of the new data, while the AI sector continues to watch how OpenAI balances its expansive spending with sustainable revenue generation.
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