Reports say OpenAI's revenue is about $20 billion lower than previously reported, which sparked a selloff in AI stocks, including Nvidia and AMD, and raised questions about whether the compute boom can be supported by cash flow.
OpenAI has reportedly told investors that its annualised revenue was approaching $50 billion at the end of September 2026, significantly below the nearly $70 billion figure previously reported by several media outlets. The $20 billion difference has raised questions about how the ChatGPT maker measures its growth and how investors compare its performance with rival AI company Anthropic.
The latest figure was reported on October 8, citing financial documents shared with investors. OpenAI did not immediately respond to requests for comment.
The discrepancy reportedly stems from differences in how OpenAI and Anthropic calculate annualised revenue. Anthropic includes revenue generated through cloud partners such as Amazon Web Services and Google Cloud in its calculations. OpenAI, by contrast, does not include those partner sales in the same way. According to people familiar with the matter, attempts by OpenAI's investors to make the two companies' figures directly comparable contributed to the higher estimates previously reported.
The difference therefore does not necessarily mean OpenAI's actual business suddenly lost $20 billion in revenue. Instead, it highlights how inconsistent accounting approaches can create confusion when comparing fast-growing AI companies.
Despite the lower figure, OpenAI's business has expanded considerably. The company reportedly started 2026 with an annualised revenue run rate of around $20 billion, compared with approximately $6 billion in 2024. Its revenue run rate had reached nearly $30 billion by July, according to the latest investor information, before approaching $50 billion by September. The figures indicate substantial growth in demand for ChatGPT subscriptions, enterprise AI tools and other products. However, annualised revenue is an estimate based on a company's current pace of business, not the same as revenue actually earned over a full financial year.
The revenue comparison comes as competition between OpenAI and Anthropic intensifies. Anthropic has experienced strong demand for its Claude AI models, particularly among businesses and software developers. Its reported annualised revenue crossed $65 billion in July, according to earlier estimates. Anthropic's growing business has become an important reference point for investors assessing OpenAI's position in the AI market. However, differences in revenue calculations mean that headline figures alone may not provide a reliable comparison of the companies' underlying performance.
The revenue discrepancy comes at a critical time for the AI industry, which is investing heavily in computing infrastructure, data centres and advanced processors. OpenAI is reportedly discussing a new funding round that could value the company at around $1.4 trillion. Such valuations depend partly on expectations that AI adoption and customer spending will continue growing rapidly.
Following the report, US technology stocks came under pressure. Nvidia shares fell 2.9%, while Oracle dropped 5.5% during Thursday's trading session. The market reaction highlights how closely investors are watching revenue growth at major AI companies.
OpenAI and Anthropic are both preparing for potential public listings, which could provide investors with more detailed information about their financial performance. Public-market investors will likely examine not only revenue growth but also operating costs, computing expenses, customer retention and the long-term sustainability of AI demand.
For now, OpenAI's reported $50 billion annualised revenue figure still represents substantial growth. The key question is whether that growth can justify the enormous investments being made to build and operate increasingly powerful AI systems.