OpenAI Revenue Report Sends AI Stocks Lower

OpenAI told investors it had reached roughly $50 billion in annualized revenue at the end of September, below the widely reported $68 billion figure, and the disclosure sent AI-linked shares lower on Thursday. Nvidia fell 3%, Oracle nearly 6% and CoreWeave nearly 8%. The gap does not represent a loss in sales: the higher figure included gross revenue from OpenAI’s partners, according to a person familiar with the investor presentation.

The revenue figures use different measures

The Financial Times first reported OpenAI’s roughly $50 billion annualized figure. The company shared the update in an investor presentation, according to a person familiar with the matter. The $68 billion number, reported late last month, counted revenue generated by OpenAI’s partners as well as the company’s own revenue.

Including partner revenue can help investors compare OpenAI with rival Anthropic, but it is not the same measure as OpenAI’s own annualized revenue. The distinction matters because the lower figure prompted a sharp market reaction even though the gap reflects how revenue was counted, rather than a reported decline in actual sales.

Selloff spread across AI-linked companies

Thursday’s declines extended well beyond the three companies named in the headline. Advanced Micro Devices and Broadcom each fell 4%, Intel dropped 5%, and Super Micro Computer lost nearly 5%. The moves show how closely investors are linking the outlook for OpenAI with companies supplying chips, computing capacity and related infrastructure.

Those share-price falls followed the revenue disclosure, but the figures provided do not establish that OpenAI’s report alone caused each move. The broad declines nevertheless underscore the market’s sensitivity to the growth prospects of a major AI customer and to expectations built around spending on AI infrastructure.

Growth remained strong in the investor update

The investor presentation also highlighted growth: OpenAI reported 77% total run-rate growth during the third quarter and 107% growth in its enterprise business over the same period. Those figures offer a more qualified picture than the revenue comparison alone, indicating that the company reported substantial expansion alongside the lower-than-expected annualized figure.

The market response therefore turned on both the scale of revenue and the way it was presented. Investors assessing AI-linked businesses may focus on whether OpenAI’s growth can support continued demand for computing infrastructure, while distinguishing its own revenue from amounts associated with partners.

IPO plans raise the stakes

OpenAI is under pressure to justify an $852 billion valuation as it prepares for an IPO widely expected to be a major offering. The company confidentially filed a prospectus with regulators in June, and executives have indicated that a 2027 debut is under consideration. The latest revenue disclosure puts reported growth and valuation expectations in sharper focus.

Anthropic is also preparing for a possible IPO, though it has not disclosed a debut date. It told investors its annualized revenue run rate reached $65 billion at the end of July. That figure uses a stated period and measure different from OpenAI’s September update, so it should not be treated as a direct like-for-like comparison.

Funding offers another measure of investor interest

OpenAI is in early discussions with investors about a potential funding round that could raise around $30 billion, though the amount may change and no term sheet has been finalised. The discussions are being driven by investor demand, according to the source material, but remain preliminary.

The company closed a $122 billion funding round in March. CFO Sarah Friar told CNBC last week that OpenAI remained “very well capitalized.” Together, the financing figures and the revenue update highlight the distinction investors must weigh: substantial access to capital does not by itself settle questions about revenue measures, growth or the valuation attached to the business.

Takeaway: OpenAI’s roughly $50 billion September revenue run rate—below the partner-inclusive $68 billion figure—coincided with steep Thursday losses across AI-linked stocks, even as the company reported strong third-quarter growth.

Written byOliver Treadwell

Oliver Treadwell specializes in financial markets and investment strategies, focusing on emerging trends in both traditional and alternative assets. He brings a pragmatic approach to financial journalism, aiming to empower readers with actionable insights and analysis. His expertise includes market forecasting and portfolio management.