OpenAI has reportedly given investors a lower estimate of its annualized revenue than the figure reported a little over a week earlier. The company’s revenue matters as it seeks to justify major investment, but comparisons with rivals depend on how each company calculates its run rate.
A lower figure shared with investors
The Financial Times reports that OpenAI told investors its annualized revenue is “approaching $50 billion.” That is about $20 billion below the figure of nearly $70 billion reported previously by news outlets.
According to the Financial Times, the earlier estimate was based on information shared with OpenAI investors. It was also shaped by investors’ attempts to compare OpenAI directly with Anthropic, whose reported run rate had been cited alongside the $70 billion figure.
TechCrunch said it reached out to OpenAI for comment. The source article does not include a response from the company.
Why the revenue figures differ
The estimates do not use identical accounting approaches. Anthropic counts sales made by its cloud partners when calculating annualized revenue, while OpenAI does not.
That distinction matters when readers compare the companies. A run rate can look different depending on which sales are included, so figures that appear to describe the same measure may not represent the same calculation.
The reported gap therefore does not, by itself, explain a change in OpenAI’s business performance. The article presents two reported figures and notes that the methods behind comparisons with Anthropic differ.
Revenue is under scrutiny as investment grows
OpenAI’s revenue has become a point of concern as the company attempts to justify the scale of investment being made on its behalf. It raised $122 billion during a March funding round alone, according to the source article.
The article also points to OpenAI’s leaked 2025 financials, which showed the company had made about $13 billion but spent significantly more. Those figures add context to why investors may focus on revenue alongside the costs and funding involved in building the business.
Revenue estimates are one part of that picture. The source does not provide a breakdown of the reported annualized figure or explain how it relates to the company’s spending.
The IPO timeline has moved
OpenAI’s IPO had previously been rumored to be materializing this year, but it has been pushed off until early 2027. That revised timing makes the company’s financial position and the way its revenue is presented relevant to investors watching for a potential public offering.
For now, the reported estimate is approaching $50 billion, while the previously reported figure was nearly $70 billion. The difference underscores the need to examine how revenue is defined before treating company run rates as directly comparable.