OpenAI’s revenue is reportedly $20 billion less than previously projected

The headline revenue projection for OpenAI is now $20 billion lower, impacting its valuation for current and future investments.

OpenAI has reportedly informed investors that its annualized revenue is approaching $50 billion, a figure $20 billion lower than a previously reported projection of nearly $70 billion. The earlier $70 billion figure was an attempt by OpenAI investors to directly compare its performance with competitor Anthropic. The article notes a discrepancy in how the companies calculate annualized revenue, with Anthropic including sales from cloud partners while OpenAI does not. This downward revision comes as OpenAI seeks to justify significant investments and manage financial expectations. The company raised $122 billion in a March funding round and had previously shown financials indicating it made approximately $13 billion in 2025 while spending substantially more. The company's anticipated IPO, initially rumored for this year, has reportedly been postponed to early 2027.

The divergence in revenue reporting between OpenAI and Anthropic, with Anthropic counting cloud partner sales and OpenAI not, highlights a developing standardization issue in AI sector financial metrics. This discrepancy can complicate direct comparisons and investor assessments of growth.

This reported revenue recalibration signals increased scrutiny on AI companies' financial projections and their ability to convert massive investment into concrete, attributable revenue, potentially affecting future funding rounds and IPO timelines.