OpenAI has reportedly informed investors that its annualised revenue reached nearly $50 billion in September, below an earlier indication that suggested the artificial intelligence company was approaching a $70 billion revenue pace.
A person familiar with the matter disclosed the latest figure on Thursday, October 8, saying the difference between the two estimates was largely linked to an effort to make OpenAI’s financial performance directly comparable with that of its competitor, Anthropic.
OpenAI had previously indicated at a separate investor event that its annualised revenue for September was nearing $70 billion, according to earlier media reports.
The latest figure was first reported by the Financial Times. OpenAI did not respond to a request for comment.
Different Revenue Calculations Behind the Figures
The discrepancy reportedly stems mainly from differences in how OpenAI and Anthropic account for revenue generated through cloud computing partners.
Unlike Anthropic, OpenAI does not include certain revenue from sales made through cloud partners such as Amazon Web Services (AWS) and Google Cloud in the same way.
Anthropic, meanwhile, pays cloud partners approximately 16 per cent of every dollar earned through them. Revenue generated through these partnerships accounted for about half of Anthropic’s total revenue last year, according to a Reuters analysis.
These differences make direct comparisons between the two companies more complicated, particularly when investors use annualised revenue figures to assess their growth.
OpenAI and Anthropic Prepare for Potential Public Listings
Both companies are preparing for potential initial public offerings (IPOs), a move that could give Wall Street investors a clearer understanding of their finances, revenue growth and long-term business prospects.
Their financial performance has attracted growing attention as demand for artificial intelligence applications continues to expand.
OpenAI began 2025 with an annualised revenue run rate of approximately $20 billion, compared with $6 billion in 2024.
However, the company faced increased competition from Anthropic during the second quarter, when Anthropic reported quarterly revenue of $11.5 billion, surpassing OpenAI’s $6.7 billion for the first time.
Anthropic’s annualised revenue run rate reportedly exceeded $65 billion in July, with sources previously indicating that it could reach $100 billion by the end of the year.
Why Annualised Revenue Can Be Misleading
Annualised revenue run rate has become a popular measure among rapidly expanding technology startups because it offers a snapshot of how current sales might translate into revenue over a full year.
The calculation often involves multiplying a single month’s revenue by 12.
However, analysts caution that the figure can give a misleading impression of a company’s actual financial performance because it assumes the current pace of revenue will continue throughout the year.
For fast-growing AI companies such as OpenAI and Anthropic, the metric remains closely watched as investors attempt to assess whether the surge in demand for AI products can support sustained growth.
The companies’ potential public listings could eventually provide more detailed information about their earnings, revenue recognition practices and the sustainability of their business models.
