OpenAI revenue run rate reported near $50 billion
OpenAI has reportedly told investors that its annualized revenue is approaching $50 billion, a figure roughly $20 billion below the $70 billion run rate reported little more than a week earlier. The Financial Times reported the revised investor communication, while OpenAI had not commented by the time TechCrunch sought a response.
The discrepancy matters because the earlier $70 billion figure would have placed OpenAI close to Anthropic’s reported annualized revenue. But the two companies do not calculate that measure in the same way, making a headline comparison less straightforward than it appears.
Different methods behind the revenue figures
The Financial Times said the $70 billion estimate was based on information previously shared with investors by OpenAI. It was developed through attempts by OpenAI’s own investors to create a direct comparison with Anthropic’s annualised revenues.
Anthropic counts sales made through its cloud partners in its annualized revenue. OpenAI does not include those sales. That methodological difference is central when interpreting reported run rates, particularly where revenue is generated through a mix of direct and partner-led routes to market.
Investor interest in OpenAI’s commercial progress is also linked to the scale of capital behind the company. OpenAI raised $122 billion in a March funding round, and leaked 2025 financials reported earlier this year showed about $13 billion in revenue alongside significantly higher spending.
Funding and IPO context
OpenAI’s reported revenue update arrives while its financing plans remain under scrutiny. The company’s IPO, previously rumoured to be taking shape in 2026, has reportedly been pushed to early 2027. Its fundraising discussions, including OpenAI's $30 billion fundraising talks and the valuation attached to them, therefore sit alongside closer attention to how revenue figures are defined.
The reported $50 billion figure is annualized revenue, not a disclosed full-year result. It should not be treated as directly interchangeable with another company’s run rate unless the underlying treatment of partner sales and other revenue channels is clear.
What businesses should take from the report
For enterprise buyers, investors and technology leaders, the practical implication is to test revenue comparisons against the reporting method behind them. A vendor’s direct sales, cloud-partner sales and annualization approach can materially affect a run-rate headline, so procurement and market assessments should examine those definitions before drawing conclusions.