OpenAI’s annualised revenue is approaching $50 billion, the Financial Times reported, citing financial documents shared with investors, falling about $20 billion short of previously reported figures.
The discrepancy could temper expectations around the pace of demand for artificial intelligence services as investors closely track revenue growth at OpenAI and rival Anthropic.
Annualised revenue figures have become an important measure of AI demand and are closely linked to the significant infrastructure spending supporting the sector.
OpenAI had recently told investors that its revenues were approaching $50 billion on an annualised basis at the end of September.
That compares with a $70 billion figure reported by the Financial Times and other media outlets late last month.
OpenAI and Anthropic use different revenue calculations
The difference in the figures stems from the way OpenAI and Anthropic calculate annualised revenue, according to the person familiar with the matter cited in the report.
Anthropic includes revenue generated through cloud partners such as Amazon Web Services and Google Cloud, while OpenAI does not include those sales in its calculation.
According to the person, attempts by OpenAI investors to “gross up” the company’s annualised revenue in order to make it directly comparable with Anthropic contributed to the differing figures.
Those efforts resulted in reports that OpenAI’s annualised revenue had reached $40 billion in August.
The company has since told investors that its revenues have grown more than 70%, which contributed to the subsequently reported $70 billion figure.
Bloomberg News reported in August that OpenAI’s revenue run rate had topped $40 billion.
OpenAI plans $30B funding round as IPO is delayed
The revenue figures come as OpenAI seeks fresh capital following its decision to push back plans for an initial public offering.
Bloomberg reported last week that the company aims to raise at least $30 billion in a new funding round.
OpenAI is seeking a valuation of around $1.4 trillion, excluding the money raised, according to people familiar with the matter.
OpenAI most recently raised $122 billion in March at a valuation of $852 billion, including the money raised.
The latest funding is intended to act as a bridge round and provide additional capital instead of an IPO, according to the report.
OpenAI and Anthropic are competing to attract business customers and increase revenue ahead of potential public listings.
Both companies have filed confidential paperwork to go public, while Anthropic could list its shares as soon as this fall.
OpenAI Chief Executive Officer Sam Altman recently said the company would not go public this year.
In an interview with Bloomberg TV, Altman said the company wanted to navigate heightened concerns around AI safety without the pressure associated with being a newly public company.
“We just want to get our feet under us,” Altman said, adding that he believes investors will be “patient” with OpenAI’s IPO planning.
OpenAI continues to expand AI products and subscriptions
Despite the revenue reporting discrepancy, OpenAI continues to expand its product offering and compete in the growing market for AI agents.
The company recently unveiled Dots, an always-on AI agent designed to compete with products such as Meta’s Muse.
OpenAI has also introduced a new $500 subscription tier with higher usage limits and faster processing speeds, while reducing some usage limits for its $200 plan.
The company has also sought to sharpen its product focus, with renewed momentum around tools designed to streamline coding and other work.
At the same time, OpenAI faces increasing scrutiny over the potential risks associated with advanced AI systems, including cybersecurity concerns.
The company has also been working through additional safety requirements as AI capabilities advance.
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