A little over a week ago, it was reported that OpenAI’s annualized revenue was approaching $70 billion, a figure that would have made it competitive with Anthropic’s reported run rate. Now, however, the AI lab is said to have told investors that the real revenue is some $20 billion lower than that.

The Financial Times reports that the company has told investors that its annualized revenue is “approaching $50 billion.” The publication also notes that the previous figure of $70 billion was based on information that had previously been shared with investors by OpenAI. That figure was devised via “attempts by OpenAI’s own investors to produce a direct comparison with Anthropic’s annualised revenues,” per the FT.

It’s worth pointing out that OpenAI and Anthropic calculate their annualized revenue differently — with Anthropic counting sales made by its cloud partners. OpenAI doesn’t do this.

The issue of OpenAI’s revenue has troubled the company, as it attempts to justify the gargantuan investments being made on its behalf; the AI giant raised $122 billion during a March funding round alone. The company’s leaked 2025 financials earlier this year showed it had made about $13 billion but spent significantly more. OpenAI’s IPO, which was previously rumored to be materializing this year, has been pushed off until early 2027.

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