OpenAI's Revenue Disclosure Rattles AI Stocks: $50 Billion Figure Falls Short of $68 Billion Reports

Shares of Nvidia, Oracle, Microsoft and CoreWeave fell on Thursday after new details emerged showing OpenAI's annualized revenue was materially lower than previously reported figures, according to CNBC and Seeking Alpha. OpenAI told investors it reached roughly $50 billion in annualized revenue at the end of September, well below the $68 billion figure that had circulated widely late last month.

What OpenAI Told Investors

CNBC reported that OpenAI shared an update about its finances in an investor presentation, citing a person who asked not to be named in order to discuss the numbers. That person said the $50 billion figure represented annualized revenue as of the end of September. The Financial Times was first to report the number, and CNBC said it separately confirmed it.

The discrepancy with the previously reported $68 billion figure appears to stem from a measurement difference rather than a correction of a single data point. A person familiar with the matter, cited by CNBC, said the higher $68 billion figure included gross revenue from OpenAI's partners, which the person said helps investors make a more direct comparison with rival Anthropic. In other words, the two numbers may be measuring different things: OpenAI's own annualized revenue versus a broader gross figure that folds in partner-generated revenue.

Alongside the $50 billion figure, OpenAI touted 77% total run rate growth during its third quarter, as well as 107% run rate growth for its enterprise business during the same period, according to the person CNBC cited. Comparing those two reported figures, total run rate growth trailed the enterprise rate by 30 percentage points (77 − 107 = −30), or roughly 28% lower in relative terms (−30 ÷ 107 ≈ −28%). That is our own calculation from the two growth rates CNBC reported, and the interpretation it supports is narrow: enterprise demand grew faster than OpenAI's overall business in the period described. The dollar figures underlying each growth rate were not disclosed in the reporting.

Market Reaction

CNBC reported that shares of Nvidia, Oracle, CoreWeave and other artificial intelligence names sank lower on Thursday after the market learned more details about OpenAI's revenue. Seeking Alpha reported that Oracle and Microsoft shares declined sharply on Thursday after the Financial Times said OpenAI's annualized recurring revenue was significantly less than previously reported. Neither report specified percentage moves or trading volumes for the stocks involved.

One interpretation of the move, tied to the reporting above rather than to any company statement: investors appear to treat disclosures about OpenAI's revenue as a read-through for the AI names most closely associated with it, since Nvidia, Oracle, Microsoft and CoreWeave all declined on the same day the lower figure circulated, according to CNBC and Seeking Alpha. The reporting does not establish the scale of any commercial arrangements between OpenAI and those companies.

Context: Valuation, IPO Timeline and Capital Raising

CNBC reported that OpenAI is under pressure to justify its $852 billion valuation to investors as it gears up for what is widely expected to be a blockbuster IPO. The company confidentially filed its prospectus with regulators in June, and executives have signaled that OpenAI is eyeing a 2027 debut, according to CNBC's reporting.

In the interim, CNBC reported that OpenAI is engaging in early-stage discussions with investors about a potential new funding round. The company could raise around $30 billion, as CNBC had previously reported, though CNBC noted that figure could change. The round is being driven by investor demand, and no term sheet has been finalized, according to CNBC.

OpenAI closed a $122 billion funding round in March. CNBC reported that CFO Sarah Friar told the outlet last week that the company remains "very well capitalized."

Bottom Line

The market reaction centers on a measurement gap rather than a disputed fact: OpenAI's own annualized revenue figure, reported at roughly $50 billion, sits well below the $68 billion gross figure that had been widely cited, with the difference tied to how partner revenue is counted, according to a person familiar with the matter cited by CNBC. Shares of Nvidia, Oracle, Microsoft and CoreWeave fell on Thursday following the disclosure, underscoring how closely these stocks are watched for signals about OpenAI's growth as the company moves toward what CNBC reported is a widely expected 2027 IPO.