OpenAI has told investors its annualized revenue is approaching $50 billion — roughly $20 billion less than the figure it had signalled earlier — triggering a sell-off across technology and chip stocks on Thursday, the Financial Times reported.
According to the FT, citing financial documents shared with investors, the AI company said its annualized revenue was approaching $50 billion toward the end of last month. Just last month, information OpenAI had shared with investors had indicated a figure of around $70 billion. The FT said the gap stemmed from an attempt by OpenAI's own investors to produce an annualized revenue number that could be compared directly with Anthropic, citing a person familiar with the matter. OpenAI declined to comment to the FT.
The two companies count their revenue differently: Anthropic includes sales made by its cloud partners, while OpenAI does not, complicating any head-to-head comparison.
Investors quickly repriced companies tied to OpenAI's spending boom. Oracle fell 4.9 per cent to $136.50 by midday Thursday, while Microsoft slipped 1.2 per cent to $523.29 and Micron lost 4.3 per cent. Chip suppliers felt the heat too: Celestica dropped 5.9 per cent, Advanced Micro Devices fell 3.3 per cent, Taiwan Semiconductor Manufacturing declined 3.3 per cent, and Broadcom — which is collaborating with OpenAI on a custom chip — lost 3.2 per cent, according to Dow Jones Newswires.
The report sharpens questions about whether OpenAI's revenues can justify the vast sums being poured into its infrastructure. The company raised $122 billion in a March funding round alone, and its leaked 2025 financials showed it had made about $13 billion while spending significantly more. The pressure comes as Anthropic is expected to go public around November, followed by an OpenAI initial public offering next year.
Sources:
Oracle, AMD, Others Slide After Report of Revision to OpenAI Revenue Estimate — Dow Jones Newswires via Morningstar
OpenAI's revenue is reportedly $20 billion less than previously projected — TechCrunch
According to the FT, citing financial documents shared with investors, the AI company said its annualized revenue was approaching $50 billion toward the end of last month. Just last month, information OpenAI had shared with investors had indicated a figure of around $70 billion. The FT said the gap stemmed from an attempt by OpenAI's own investors to produce an annualized revenue number that could be compared directly with Anthropic, citing a person familiar with the matter. OpenAI declined to comment to the FT.
The two companies count their revenue differently: Anthropic includes sales made by its cloud partners, while OpenAI does not, complicating any head-to-head comparison.
Investors quickly repriced companies tied to OpenAI's spending boom. Oracle fell 4.9 per cent to $136.50 by midday Thursday, while Microsoft slipped 1.2 per cent to $523.29 and Micron lost 4.3 per cent. Chip suppliers felt the heat too: Celestica dropped 5.9 per cent, Advanced Micro Devices fell 3.3 per cent, Taiwan Semiconductor Manufacturing declined 3.3 per cent, and Broadcom — which is collaborating with OpenAI on a custom chip — lost 3.2 per cent, according to Dow Jones Newswires.
The report sharpens questions about whether OpenAI's revenues can justify the vast sums being poured into its infrastructure. The company raised $122 billion in a March funding round alone, and its leaked 2025 financials showed it had made about $13 billion while spending significantly more. The pressure comes as Anthropic is expected to go public around November, followed by an OpenAI initial public offering next year.
Sources:
Oracle, AMD, Others Slide After Report of Revision to OpenAI Revenue Estimate — Dow Jones Newswires via Morningstar
OpenAI's revenue is reportedly $20 billion less than previously projected — TechCrunch
