What is the difference between the $50 billion and $68 billion figures?

The $68 billion figure included gross revenue from OpenAI's partners, while the newer $50 billion figure was based on net revenue, according to an anonymous source.

What growth figures did OpenAI share with investors?

OpenAI pointed to 77% growth in its annual revenue run rate during the third quarter and 107% growth in run rate for its enterprise business.

Why did AI stocks fall?

The Financial Times report showing OpenAI's annualized revenue was far below earlier media reports rattled investors, who had been questioning whether AI demand justifies high valuations.

AI Stocks & MarketsAI Business & IndustrySiliconANGLE AI3h agoOct 9, 2026, 10:01 JST

OpenAI's $50 billion revenue figure rattles AI stocks

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3 Key Points

What happened
The Financial Times reported OpenAI told prospective investors its annualized revenue is approaching $50 billion, not the $68 billion widely reported two months ago. The Nasdaq fell 1.25%, its worst day since mid-August.
Why it matters
Investors had been questioning whether AI demand justifies sky-high valuations. A shortfall in OpenAI's revenue could affect its ability to meet contractual obligations, potentially sending shockwaves through the industry.

WHO IT HITSInvestors in AI-related stocks and companies with significant contracts involving OpenAI, such as Oracle, face heightened uncertainty about whether current valuations are justified. Tech firms planning IPOs may also see scrutiny increase as revenue figures are reassessed.

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Context & Analysis

The report marks a sharp reversal from two months ago, when media widely reported OpenAI was on track for $68 billion in annualized revenue. The discrepancy stems from how revenue is counted: the earlier figure included gross revenue from OpenAI's partners to allow a direct comparison with Anthropic, while the newer $50 billion figure is based on net revenue. OpenAI also told investors its annual revenue run rate grew 77% in the third quarter, with enterprise business run rate up 107%. The company is under pressure to justify its $852 billion valuation ahead of a planned IPO, which CEO Sam Altman confirmed last month has been delayed to 2027 amid debate over AI safety. Meanwhile, Anthropic is reportedly eyeing a 2026 IPO with a $2 trillion target valuation, though New Constructs valued it at just $150 billion. Anthropic generated $4.6 billion in revenue in 2025 with losses exceeding $42 billion, according to a leaked prospectus seen by Reuters. The market reaction was broad, with Oracle falling 5.5%, Intel 5.3%, Nvidia 2.9%, CoreWeave 8%, AMD and Broadcom 4%, and Super Micro almost 5%.

FAQ

What is the difference between the $50 billion and $68 billion figures?: The $68 billion figure included gross revenue from OpenAI's partners, while the newer $50 billion figure was based on net revenue, according to an anonymous source.
What growth figures did OpenAI share with investors?: OpenAI pointed to 77% growth in its annual revenue run rate during the third quarter and 107% growth in run rate for its enterprise business.
Why did AI stocks fall?: The Financial Times report showing OpenAI's annualized revenue was far below earlier media reports rattled investors, who had been questioning whether AI demand justifies high valuations.

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