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Explore AI ToolsOpenAI's Real Revenue Is $20 Billion Less Than Reported — AI Stocks Sell Off

The AI boom just got its first real reality check. A Financial Times report on Thursday said OpenAI told investors its annualized revenue is around $50 billion as of the end of September — roughly $20 billion less than the $70 billion figure investors had been working with. AI-linked stocks slid within hours.
What happened
Per the FT, citing financial documents shared with investors, OpenAI recently told backers that its revenue run rate puts it at about $50 billion annualized as of the end of September — far short of the ~$70 billion media outlets (including Reuters) reported late last month based on information initially shared with investors. OpenAI did not immediately comment.
Apples vs oranges
The gap may be an accounting illusion. The FT says the $70 billion figure was constructed by OpenAI's own investors trying to produce a directly comparable number with rival Anthropic. The catch: the two companies calculate annualized revenue differently — Anthropic includes revenue from sales via cloud partners like AWS and Google Cloud, while OpenAI does not. A person familiar with the matter told CNBC the earlier $68 billion number counted gross revenue including OpenAI's partnerships (such as with Nvidia), specifically to line up against Anthropic's reported $65 billion run rate.
The market freakout
Wall Street didn't wait for the fine print. On Thursday, Nvidia fell 2.9%, AMD 3.9%, Oracle nearly 6%, Broadcom 4.3%, Micron 4.8%, SanDisk 4.9%, Intel 5.3%, and CoreWeave roughly 8%. Analysts quoted by Morningstar called the concern "undue," saying the miss reflects reporting differences, not fading AI demand. Bloomberg later reported OpenAI is still on track to hit $70 billion, and markets partly recovered.
AiPost's take
Two things can be true at once: the $20 billion gap looks like a methodology fight, and the market reaction is still telling. When the entire investment thesis is "AI demand justifies infinite infrastructure spending," even a definitional wobble moves billions. With OpenAI's IPO pushed to early 2027, a $1.4 trillion fundraising in the works, and Anthropic's own IPO expected before Thanksgiving, expect every revenue figure to get the magnifying-glass treatment from here.
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