OpenAI Revenue Estimate Falls $20 Billion Short of Previous Reports, FT Says

OpenAI revenue estimate showing a reported figure near $50 billion compared with a previously reported $70 billion.

OpenAI has told investors that its annualized revenue was approaching $50 billion in September, approximately $20 billion below the $70 billion figure reported previously, according to Coin Bureau the Financial Times. The discrepancy has raised questions about how revenue is calculated across major artificial intelligence companies as the industry commits substantial resources to computing infrastructure.

The Financial Times reported that the difference stems from how OpenAI and rival AI company Anthropic account for revenue associated with cloud partners. The differing approaches to counting that revenue appear to explain the gap between the earlier estimate and the figure OpenAI reportedly shared with investors.

Different Revenue Accounting Methods

The reported figures highlight how revenue estimates for AI companies can depend on the treatment of business conducted through cloud infrastructure partners. According to the report, OpenAI and Anthropic use different methods to count cloud partner revenue, creating a discrepancy in the figures being discussed.

Annualized revenue is a measure that projects a company's revenue over a year based on a particular period or rate of activity. It is not necessarily the same as revenue recorded over a completed financial year. The distinction is important when interpreting estimates for companies operating in a rapidly expanding market.

In this case, OpenAI's reported September communication to investors placed its annualized revenue near $50 billion, rather than the previously reported $70 billion. The figures represent a difference of approximately $20 billion, although the report attributes the gap to accounting methodology rather than establishing that OpenAI's underlying business declined by that amount.

Revenue Estimates Under Scrutiny Amid AI Spending

The discrepancy comes as AI companies face substantial infrastructure spending to support the development and operation of their systems. Revenue projections are closely watched in this environment because they help investors assess the scale of commercial activity alongside the resources required to provide AI services.

However, comparisons between companies can be difficult when their accounting approaches differ. Revenue associated with cloud partners may be treated differently depending on how a company records transactions and its commercial arrangements. Without consistent definitions, figures reported for different AI businesses may not provide a directly comparable picture of their financial performance.

The reported gap therefore raises questions about how earlier estimates of OpenAI's revenue were calculated and how cloud-related revenue should be interpreted when evaluating the financial scale of major AI developers. The available information does not establish that the difference reflects a comparable shortfall in customer demand or operating performance.

OpenAI declined to comment, according to the report. The figures cited in the Financial Times account place the company's annualized revenue near $50 billion in September, compared with the $70 billion figure reported previously.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.