Financial records presented to investors show that OpenAI generated nearly $50 billion in annualised revenue during September. The figure is approximately $20 billion below earlier media estimates that placed the run rate near $70 billion. The variation came to light after analysts attempted to evaluate the business directly against its competitor, Anthropic.
The primary driver of the numerical difference lies in contrasting corporate accounting practices. Anthropic incorporates customer sales generated via cloud infrastructure partners including Google Cloud and Amazon Web Services (AWS) into its run rate. Conversely, OpenAI excludes sales conducted through such third-party cloud platforms from its headline annualised calculation, making straightforward financial comparisons between the two technology firms difficult for market participants.
The operational metric in question involves annualising a single month of commercial performance by multiplying it by 12. Although standard practice among rapidly scaling private enterprises in Silicon Valley, the metric relies on extrapolating short-term trends rather than measuring actual performance over twelve continuous months, creating potential distortion when market observers evaluate corporate financial health.
OpenAI began the current year with an annualised revenue run rate of $20 billion, having expanded from $6 billion in 2024. Growth continues to be supported by corporate adoption of the company's newer artificial intelligence models and automated coding applications as it competes for corporate clients.
Anthropic has simultaneously reported strong financial expansion, with its annualised revenue exceeding $65 billion during July and expected to hit $100 billion by the end of the year. During the second quarter, Anthropic surpassed OpenAI in quarterly revenue for the first time, recording $11.5 billion against OpenAI's $6.7 billion.
Both businesses have submitted confidential documentation to pursue initial public offerings. Anthropic could conduct a listing as early as this autumn, whereas OpenAI has indicated it will not float its shares during the current calendar year while it prioritises technical safety measures across its systems.
Upcoming market debuts are expected to offer institutional investors clearer clarity regarding underlying revenue drivers and the long-term durability of enterprise artificial intelligence adoption.
Key numbers
- OpenAI September annualised revenue: nearly $50 billion
- Earlier reported OpenAI estimate: nearly $70 billion
- OpenAI second-quarter revenue: $6.7 billion
- Anthropic second-quarter revenue: $11.5 billion
- Anthropic projected year-end annualised revenue: $100 billion
What a board might note
- How does the finance team reconcile partner and cloud distributor sales given the divergence between Anthropic including AWS and Google Cloud revenue and OpenAI excluding them?
- Does executive reporting clearly separate twelve-month trailing revenue from single-month annualised run rates such as the $50 billion and $65 billion figures cited?
- How might delays in public listings, such as OpenAI deferring its share debut past the current year, impact enterprise contract commitments and vendor risk profiles?
Source: Mint, 9 October 2026. This is a summary of a news report, published as general information. It is not legal, tax or investment advice.
This article is journalism and commentary. It is not a recommendation to buy or sell any security, and it is not professional advice. Read the full disclaimer.
