Accounting gap leaves OpenAI's reported revenue below prior estimates
OpenAI's yearly revenue run rate was reported at $50 billion in September, $20 billion below earlier projections, according to the Financial Times. The difference came from accounting methods used to compare it with Anthropic, not from weaker customer demand. OpenAI told investors its direct revenue still rose by more than 70% in the third quarter of 2026.
Financial documents reviewed by investors, as reported by the Financial Times, placed OpenAI's September annualized revenue at $50 billion, while earlier coverage had cited about $70 billion. The discrepancy stemmed from an investor's effort to align OpenAI's figures with Anthropic's, not from softer customer demand.
OpenAI told investors its direct revenue climbed more than 70% in Q3 2026. Anthropic's annualized run rate reached $65 billion by late July 2026, according to CNBC. The companies count revenue differently: Anthropic includes cloud-partner sales from AWS and Google, while OpenAI excludes them. Reuters linked OpenAI's near-$70 billion figure to enterprise sales more than doubling since July. Anthropic reportedly seeks a November IPO after the U.S. midterms; OpenAI aims to list next year.
The accounting gap may shape how investors, journalists, and customers compare AI companies, potentially affecting funding, valuations, and IPO timing. If revenue definitions remain inconsistent, stakeholders could misread growth, while clearer disclosures may help markets assess demand. Employees and cloud partners might also feel shifts in investment priorities.