OpenAI told investors annualized revenue neared $50 billion

The Information reports that OpenAI recently told investors its annualized revenue was approaching $50 billion at the end of September.[1] The Financial Times says investor documents put the figure about $20 billion below numbers signaled previously.[2] A $70 billion figure had been widely reported in September, according to Axios, and TechCrunch says it was based on information shared with OpenAI investors.[3][4] Axios describes that $70 billion figure as an attempt to gross up OpenAI’s revenue.[3] The Information says OpenAI did not dispute the figures in earlier reports.[1]

Some of the difference in how the companies’ revenue is presented relates to cloud-partner sales.[3] Axios reports that Anthropic includes sales made by its cloud partners in its revenue tally, while OpenAI records only its share of certain partner sales.[3] Under Anthropic’s method, a $100 AI-service sale through a cloud provider can be recorded as $100 in top-line revenue, with the provider’s share listed as an expense.[3] Axios says both OpenAI and Anthropic are GAAP compliant.[3] So the reported figures are not necessarily a like-for-like comparison of the companies’ retained share of sales.[3]

TechCrunch reports that OpenAI’s revenue has been a concern as the company seeks to justify large investments made on its behalf.[4] The company raised $122 billion in a funding round in March, according to TechCrunch.[4] TechCrunch also reported that leaked 2025 financials showed about $13 billion in revenue and significantly higher spending.[4] Those reported figures add context to investor attention, but they do not establish how much revenue OpenAI will ultimately record over a full year. Annualized revenue projects sales from a given period out for a year.[3][4]

An annualized figure is a projection based on sales from a period, not a report of full-year actual revenue.[3] Axios says public-market investors will prefer actual revenue to financial constructs more suited to early-stage startups.[3] TechCrunch reports that OpenAI’s IPO, previously rumored for that year, had been pushed off until early 2027.[4] The evidence does not establish that the revenue figures caused that timing change. TechCrunch says it reached out to OpenAI for comment.[4]