OpenAI Revenue Comes In $20 Billion Below Earlier Projections

Key Facts

OpenAI told investors its annual revenue is approaching $50 billion. The figure is roughly $20 billion below the previously stated $70 billion. The Financial Times reported this, citing financial documents presented to investors, and TechCrunch covered the story on October 8, 2026. This revealed a significant gap between the earlier high figure and today's official number. The fact that revenue at one of the largest artificial intelligence companies came in below market expectations has sparked broad discussion among investors and analysts.

Where the $70 Billion Came From

The $70 billion figure was not OpenAI's own forecast. According to the Financial Times, the company's investors calculated it themselves to enable a direct comparison with Anthropic's annual revenue. In other words, it was the result of the investors' internal valuation method and was never presented as OpenAI's official financial plan or a publicly announced target. TechCrunch writes that investors used this approach to compare the two leading AI labs on a single basis. It later emerged, however, that the basis of comparison was flawed, because the two companies account for revenue differently. As a result, the resulting $70 billion expectation turned out to be far above the actual official figure.

Different Accounting Methods

The two companies calculate annual revenue differently. Anthropic includes sales made through its cloud partners in its revenue, while OpenAI does not count such sales. Comparing the two companies' figures on the same basis is therefore difficult, and the comparison compiled by investors may have somewhat distorted the real picture. For example, licenses sold through Anthropic's partner cloud providers are reflected in its reports, whereas OpenAI's similar partnerships are not included in its annual revenue figure. This methodological difference makes it harder for outside observers to fairly assess the two companies' financial positions and is cited as one of the main explanations for the $20 billion gap. Investors calculated the $70 billion internal estimate precisely for a direct comparison with Anthropic's annual revenue, but the comparison was built on a flawed basis because the companies account for revenue differently. Specifically, Anthropic adds cloud-partner sales to its figure, while OpenAI does not — since this difference was not taken into account, the $70 billion expectation came out far above the official $50 billion figure.

OpenAI told investors its annual revenue is approaching $50 billion, roughly $20 billion below the previously stated $70 billion figure. — TechCrunch

This sentence is the key quote from the TechCrunch article, cited from the Financial Times report. It clearly expresses the gap between the official figure given to investors and the previously formed expectation.

The $122 Billion March Round

In March of this year, OpenAI raised $122 billion. It was recorded as one of the largest financing deals in the artificial intelligence industry and demonstrated confidence in the company's expansion plans. Even so, the revenue figure coming in below expectations is raising questions among market participants: despite attracting major investment, current revenue momentum lags investors' earlier estimates.

IPO Plan Delayed

According to reports, OpenAI's plan to go public (IPO) has been pushed to early 2027. The IPO delay and the revenue-figure discrepancy surfaced at the same time. Going public typically requires more transparent financial reporting from a company, so the clarification of such figures ahead of an IPO is also viewed as a natural process. The company has not yet officially commented further on the IPO date.

Companies preparing for an IPO usually align their financial metrics with standards and strengthen open dialogue with investors. OpenAI is believed to be going through exactly this process: the publication of official figures gives market participants a chance to assess the company's true position.

Market Context

As competition intensifies in artificial intelligence, major labs are paying close attention to financial transparency. The difference in revenue accounting methods between Anthropic and OpenAI, meanwhile, complicates comparisons for analysts. The Financial Times report, based on financial documents, brought clarity to this confusion: the official figure is close to $50 billion, while the previously cited $70 billion was the product of an investor-compiled comparison. The episode once again highlighted the need for a single standard in evaluating AI companies' financial metrics.