OpenAI’s revenue figures have raised new concerns among investors about the growth of the artificial intelligence industry. The company’s annualized revenue was nearly $50 billion in September 2026, according to a Reuters report. This was lower than the nearly $70 billion figure reported earlier.
The difference has drawn attention to how AI companies calculate and report their revenue. It has also raised questions about how investors measure growth in an industry that requires billions of dollars in spending.
The news affected several technology stocks. Investors became concerned about whether the money flowing into AI infrastructure would generate enough returns. However, the gap between the two figures appears to stem mainly from differences in accounting methods, rather than a sudden drop in OpenAI’s sales.
OpenAI’s Revenue Figure Falls Short of Earlier Reports
OpenAI’s annualized revenue reached nearly $50 billion by the end of September, according to people familiar with the matter cited by Reuters. Earlier reports had placed the figure close to $70 billion.
The difference is significant because OpenAI is one of the companies driving investment in AI. Its financial performance helps investors assess demand for AI products, computing services and data centre infrastructure.
The company has also been seeking fresh funding at a reported valuation of around $1.4 trillion. Bloomberg reported that OpenAI was looking to raise at least $30 billion in new funding.
These large figures have increased expectations for the company. Investors want to see whether OpenAI can turn the growing use of its products into enough revenue to support its spending plans.
However, the latest figures do not necessarily mean that OpenAI’s business has slowed. The two estimates use different methods to calculate revenue, making a direct comparison difficult.
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Why Are OpenAI’s $50 Billion and $70 Billion Figures Different?
The gap largely comes from how OpenAI accounts for sales made through cloud computing partners. OpenAI sells its products through several channels, including cloud platforms. These partnerships allow customers to access its AI models through existing cloud services.
Companies can report these transactions differently, depending on their role in the sale and the accounting method they use. OpenAI generally records its share of certain partner sales as revenue.
Anthropic, a major competitor, includes the full value of some sales made through cloud partners in its reported revenue. It then records payments to those partners as expenses. This difference can make Anthropic’s reported revenue appear larger when compared directly with OpenAI’s figures.
The earlier $70 billion estimate for OpenAI was based on an adjusted calculation intended to make its revenue more comparable with Anthropic’s. The later figure of nearly $50 billion reflects OpenAI’s own accounting approach, according to Reuters and other reports.
Therefore, the difference does not automatically indicate a $20 billion loss in sales. Instead, it shows why investors need to understand how companies calculate their financial figures before comparing them.
Wall Street Reacts to OpenAI’s Revenue Numbers
The revised revenue estimate triggered a sell-off in several AI-related stocks. Investors worried that the earlier figures may have overstated the scale of OpenAI’s business.
According to MarketWatch, Nvidia shares fell 2.9% on October 8. AMD shares dropped 3.9%, while Broadcom fell 4.3%. Intel also recorded a decline. These companies have strong links to the AI industry. They supply chips and other technology that support the development and operation of AI systems.
OpenAI is an important customer in this market. Its growing demand for computing power supports investment in chips, servers and data centres.
Investors are therefore watching the company’s financial performance closely. If OpenAI and other AI developers fail to generate enough revenue, companies supplying their infrastructure could face pressure.
However, the stock market reaction does not prove that demand for AI is falling. It shows that investors are sensitive to changes in the financial outlook of major AI companies.
OpenAI Still Expects Revenue to Reach $70 Billion
According to Bloomberg, the company expects its annualized revenue to reach or exceed $70 billion by the end of 2026. Growth in its business customer segment is expected to support this target.
Annualized revenue is an estimate of how much a company could generate over a year if its recent revenue rate continued. It is calculated by projecting a shorter period of sales across 12 months.
For example, a company generating $5 billion in revenue over one month would have an annualized revenue rate of $60 billion if that monthly pace continued. However, this figure is not the same as actual revenue earned over a full year. Sales can rise or fall, so the estimate may change as business conditions develop.
This distinction matters for OpenAI. Investors must consider both its current revenue and its ability to maintain growth in the coming months.
OpenAI’s Spending Raises Questions About Long-Term Profitability
OpenAI needs substantial funding to develop AI models and serve millions of users. Its costs include computing resources, data centre capacity, employee salaries and research.
The company also relies on infrastructure partners to support its services. As demand grows, it needs access to more computing power. This creates a challenge for investors. They must assess whether OpenAI can generate enough revenue to cover its operating costs and support future expansion.
A high revenue figure alone does not show whether a company is profitable. Revenue measures money generated from sales, while profit accounts for expenses. Investors will therefore want clearer information about OpenAI’s costs, cash flow and long-term financial commitments. They will also watch how quickly the company can turn demand for AI products into sustainable income.
These questions matter because the AI industry has attracted huge investments. Companies are committing large sums to data centres, chips and cloud infrastructure. Those investments depend partly on expectations that businesses and consumers will continue paying for AI services.
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OpenAI’s Financial Figures Could Affect the Wider AI Market
The latest reports highlight a wider problem for the AI industry. Investors often compare private companies using revenue estimates that may rely on different accounting methods. This makes it difficult to judge which companies are growing faster or generating more money from their products.
OpenAI and Anthropic are both major players in the market. However, their revenue figures cannot be compared fairly without understanding how each company counts sales through cloud partners.
The episode also shows how quickly financial news about a private AI company can affect publicly traded technology businesses. Investors may continue to scrutinise revenue growth, infrastructure spending and the path to profitability across the sector.
They will also look for clearer financial disclosures as major AI companies consider future fundraising and public listings. For now, OpenAI’s reported annualized revenue of nearly $50 billion still points to a large business. The main concern is the gap between that figure and earlier estimates.
The next important question is whether OpenAI can reach its year-end target and turn its rapid growth into sustainable financial returns. Until investors have a clearer picture, its financial updates are likely to remain an important signal for the wider AI market.
