OpenAI’s Annualized Revenue Approaches $50B, Below Prior Forecast
OpenAI’s September annualized revenue run rate reached nearly $50 billion, falling short of an earlier estimate of $70 billion. The discrepancy is tied to how OpenAI and Anthropic account for sales made through cloud partners such as AWS and Google Cloud. OpenAI reported $6.7 billion in quarterly revenue, while Anthropic generated $11.5 billion, as competition for enterprise AI customers intensifies.
OpenAI’s September annualized run rate was close to $50 billion, lower than an earlier $70 billion projection. The gap reflects differing treatment of cloud-partner sales: Anthropic counts revenue from AWS and Google Cloud, while OpenAI excludes some partner-generated sales. Anthropic gives those partners roughly 16 cents per dollar, and such channel sales made up half its prior-year revenue, Reuters found.
OpenAI’s quarterly revenue was $6.7 billion, versus Anthropic’s $11.5 billion. OpenAI started 2026 at a $20 billion annualized run rate, up from $6 billion in 2024. Anthropic’s run rate passed $65 billion in July, with sources suggesting $100 billion by year-end. Both are preparing for potential public offerings.
The differing accounting could make OpenAI and Anthropic harder for investors to compare, potentially affecting funding and eventual listings. Enterprises buying generative AI may see pricing and cloud-partner terms shape their choices, while cloud providers could gain influence. If public listings follow, broader markets may get clearer—or still uneven—financial disclosures. Workers and consumers may feel these effects indirectly through the pace and cost of AI tools.