A new report about OpenAI's revenue shows that the figure reported to the company's investors differs significantly from earlier media estimates. According to a report from the Financial Times, OpenAI told investors its annualized revenue run rate is approaching about $50 billion - a figure roughly $20 billion less than the near-$70 billion estimate reported in late September.
This discrepancy arises as OpenAI and its rival Anthropic rely on large investments to attract capital and develop AI infrastructure. However, directly comparing the revenues of the two companies does not necessarily provide an accurate picture of their financial performance due to differences in how revenues are calculated.
Where did the $50 billion figure come from?
According to the Financial Times, OpenAI informed investors that its annualized revenue run rate is approaching about $50 billion. This figure differs from the near-$70 billion estimate that had previously been reported in the media.
The Financial Times reported that the higher figure surfaced during comparisons investors made between OpenAI and Anthropic. Therefore, the discrepancy does not necessarily mean a sudden drop in OpenAI's revenue; rather, it may stem from differences in the basis of calculation and the method of comparing the figures involved.
Annualized Revenue Run Rate is a metric used to estimate a company's revenue based on its revenue performance over a specific period. This metric differs from actual revenue recorded over a fiscal year and should not be equated with a company's definitive year-end revenue.
Why is comparing OpenAI's and Anthropic's revenues difficult?
One important point in examining these figures is the difference in the revenue accounting methods of the two companies. According to the Financial Times, Anthropic includes sales made through cloud service provider partners in its revenue; whereas OpenAI uses a different approach.
This accounting difference can cause the figures reported by the two companies to be not directly comparable even when both have strong commercial performance. For this reason, to more accurately assess the financial positions of these two rivals one should look beyond the annualized revenue run rate to definitions of revenue, operating expenses, and other financial metrics.
What did the initial $70 billion report say?
The initial report about the near-$70 billion revenue for OpenAI was published by Axios on September 29, 2026. That report stated that the company's annualized revenue run rate had increased by more than 70 percent since the start of the third quarter and had approached the $70 billion range.
Also, according to Axios, OpenAI's enterprise revenue had grown by more than 100 percent; a point that highlights the growing importance of commercial customers in the company's business development.
On the other side of the competition, Anthropic in July 2026 announced an annualized revenue run rate of about $65 billion. The company had earlier reported a $47 billion figure in May 2026.
Despite the closeness of these figures, differences in revenue calculation methods mean one cannot conclude financial superiority of either company merely by comparing the published numbers.
Massive investments increase pressure on OpenAI's financial performance
OpenAI's revenue is important because the company requires very large investments to develop AI models, supply computing power, and expand its services. Investors also expect that long-term revenue growth will justify the costs of developing and operating this infrastructure.
OpenAI raised about $122 billion in its March 2026 funding round. After that round, the company's valuation reached about $852 billion - figures that illustrate investors' expectations for the future of the AI business.
However, high capital raising alone does not mean profitability. Developing and deploying advanced AI models requires extensive computational resources, data centers, energy, and manpower, and the costs of these areas can consume a substantial portion of a company's revenue.
What picture did the $13 billion revenue in 2025 present?
OpenAI's disclosed financial report for 2025 showed that the company's revenue that year was about $13 billion; however, its expenses were considerably higher.
Of course, this figure pertains to the performance of a fiscal year and should not be treated as equivalent to the current annualized revenue run rate. An increasing annualized revenue run rate can indicate rapid business growth, but to assess the company's financial condition one must still examine costs, cash flow, and the realization of revenue over time.
On the other hand, OpenAI's initial public offering, which had earlier been discussed for 2026, according to information provided in the report was deferred to early 2027.
According to ETTNA citing the Financial Times and Axios, the discrepancy between the $70 billion estimate and the figure near $50 billion reported to investors underscores the importance of transparency in the financial reporting of AI companies. To accurately assess OpenAI's position relative to Anthropic, it must be clarified on what basis each figure was calculated and how much of the revenue growth ultimately contributes to improving the company's financial standing.