OpenAI’s annualized revenue was approaching $50 billion at the end of September, according to investor documents reviewed by the FT. That’s roughly $20 billion below the widely reported figure. The discrepancy stems from different ways of accounting for cloud-partner sales.
Investors had adjusted OpenAI’s July revenue run rate to about $40 billion to make it comparable with Anthropic’s. Applying OpenAI’s subsequently reported growth of more than 70% to that adjusted baseline produced the $70 billion estimate. The latest investor presentation puts July’s actual run rate closer to $30 billion. OpenAI declined to comment.
The revised figures still show rapid growth. They also expose how much depends on the definition of a number. Annualized revenue extrapolates a recent sales pace across a year. Hundreds of billions of dollars in infrastructure commitments and public-market expectations rest, in part, on these estimates. Comparisons require consistent accounting and a clearly defined baseline. So, if we are comparing OpenAI and Anthropic, we have some additional accounting to do.
Every company needs a Claw strategy. Do you have one?
Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it. This work was created with the assistance of various generative AI models.
About Shelly Palmer
Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications and CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with AI strategy, implementation and governance, as well as technology, media and marketing. Named one of LinkedIn’s Top Voices in Technology, he is a bestselling author, covers tech and business for Fox 5’s Good Day New York, is a regular commentator on CNN, and writes the popular daily business blog Think About This. Follow @shellypalmer or visit shellypalmer.com.