OpenAI Revenue Hits $50 Billion, Below Earlier $70 Billion Estimate

OpenAI has informed investors that its annualized revenue reached nearly $50 billion in September, significantly below the $70 billion previously indicated, according to a Reuters report on Thursday. The revised figure highlights differences in how leading artificial intelligence companies measure revenue as competition intensifies across the rapidly expanding AI industry.

A person familiar with the matter said the discrepancy resulted primarily from efforts to compare OpenAI's financial performance directly with rival Anthropic. Earlier reports suggested OpenAI's September revenue run rate was approaching $70 billion, creating expectations of stronger growth.

The Financial Times first reported the updated figure. OpenAI did not immediately respond to requests for comment.

The difference largely reflects contrasting revenue accounting methods. Unlike Anthropic, OpenAI excludes certain sales generated through cloud computing partners, including Amazon Web Services (AWS) and Alphabet's Google Cloud, from its annualized revenue calculations.

Anthropic includes revenue generated through these partnerships, although it pays cloud providers approximately 16% of the revenue earned through their platforms. According to a Reuters analysis, cloud partnerships represented roughly half of Anthropic's total revenue last year.

Both AI companies are preparing for potential initial public offerings, which could provide investors with greater transparency into their financial performance, profitability, and long-term growth prospects.

OpenAI entered 2026 with approximately $20 billion in annualized revenue, compared with just $6 billion in 2024, reflecting rapid adoption of generative AI products and enterprise services.

However, Anthropic surpassed OpenAI in quarterly revenue for the first time during the second quarter. OpenAI reported $6.7 billion, while Anthropic generated $11.5 billion, underscoring the increasingly competitive artificial intelligence market.

Anthropic's annualized revenue exceeded $65 billion in July and could reach $100 billion by the end of 2026, according to sources previously cited by Reuters.

Despite these impressive growth figures, analysts caution that annualized revenue run rates can exaggerate financial performance. The metric typically estimates yearly sales by multiplying a single month's revenue by 12, potentially overlooking fluctuations in customer demand and business conditions.

As OpenAI and Anthropic move closer to public listings, investors will likely scrutinize their revenue calculations, operating costs, and ability to sustain growth amid surging AI infrastructure spending.