TopicOpenAI funding and revenue
OpenAI's Annualized Revenue Nears $50B, Below the Reported $70B; Nasdaq Falls 1.25%
The Financial Times reported at midday ET on October 8 that OpenAI recently told investors its annualized revenue was "approaching $50 billion" as of the end of September — below the $70 billion figure reported by media outlets late last month. US tech stocks fell on the news: the Nasdaq Composite fell 1.25%, its worst day since mid-August; Nvidia dropped 2.9%, Intel 5.3%, Oracle 5.5%.

What Happened
Citing financial documents shared with investors, the FT reported that OpenAI told investors its annualized revenue was "approaching $50 billion" at the end of September — versus the $70 billion reported by media outlets including Reuters late last month, a $20 billion gap. OpenAI did not respond to Reuters' request for comment; Reuters said it could not independently verify the report. After the FT report landed at midday ET, the selloff accelerated: the Nasdaq closed down 1.25%, its worst day since mid-August, and the S&P 500 fell 0.5%. Selling spread across the AI buildout chain — Nvidia (NVDA) -2.9%, Intel (INTC) -5.3%, Oracle (ORCL) -5.5%.
The FT also reported where the $20 billion gap came from: the $70 billion was not OpenAI's number — it was computed by OpenAI's own investors trying to produce "a direct comparison with Anthropic's annualized revenue." The two companies measure it differently: Anthropic counts revenue from sales made through cloud partners like AWS and Google Cloud; OpenAI counts only net revenue. TechCrunch added: OpenAI raised $122 billion in a March funding round; leaked 2025 financials earlier this year showed about $13 billion in revenue against far larger spending; and the IPO has been pushed from this year to early 2027.
Key Facts
- The $20B gap came from investors' own calculation: Per the FT, citing a person with knowledge of the matter: the $70B did not come from OpenAI; investors calculated it to benchmark against Anthropic. Anthropic's figure includes cloud-partner resales (gross); OpenAI counts only net revenue. What OpenAI actually told investors: "approaching $50 billion" as of end-September.
- Market reaction: Nasdaq -1.25% (worst day since mid-August), S&P 500 -0.5%; Nvidia -2.9%, Intel -5.3%, Oracle -5.5%, with chipmakers and cloud names falling across the board. "There are going to be tremors throughout all of the related sub-industries," said Ross Mayfield, investment strategist at Baird. In recent weeks the broader market has relied almost entirely on tech and AI gains while other sectors struggled under rising bond yields.
- How "annualized revenue" is calculated: Both Reuters and the FT note the run-rate metric often just annualizes a single month (×12), which can be misleading. For comparison: Anthropic was reported in August at over $65B annualized revenue, with IPO chatter targeting a $2 trillion valuation as soon as this fall; OpenAI's IPO is pushed to at least next year (Altman cited AI safety concerns in September).
- OpenAI's finances: $122B raised in March: The March $122 billion round was one of the largest private financings ever; leaked 2025 financials showed ~$13B revenue against far greater spending. The IPO has been pushed from this year to early 2027.
Context
Timeline: late September — media outlets citing investor sources put OpenAI's annualized revenue "approaching $70 billion," comparable to Anthropic's run rate; October 8 midday ET — the FT, citing investor documents, reports the figure is "approaching $50 billion," with the $20B gap traced to investors' own Anthropic-benchmark math; the Nasdaq falls 1.25% the same day. Earlier: OpenAI's $122 billion March raise (one of the largest private rounds ever); leaked 2025 financials showed ~$13B revenue against far greater spending.
Why it matters
OpenAI told investors its annualized revenue was "approaching $50 billion," $20 billion below the $70 billion reported late last month; the Nasdaq fell 1.25% that day, its worst day since mid-August.
CompaniesOpenAI·Anthropic·NVIDIA
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