Image Source: CNBC
OpenAI became the center of a sharp technology-stock selloff Thursday after investors received new details about the artificial intelligence company’s revenue. The company told investors it reached roughly $50 billion in annualized revenue at the end of September, according to information confirmed by CNBC.
That figure was significantly below the $68 billion number widely reported late last month. A person familiar with the matter said the larger figure included gross revenue generated by OpenAI’s partners, creating a broader measurement that allows investors to compare the company more directly with rival Anthropic.
OpenAI Revenue Revelation Triggers a Powerful AI Stock Selloff
Shares of major companies tied to the AI infrastructure boom fell after the update became public. Nvidia declined about 3%, while Oracle dropped nearly 6%. CoreWeave, a cloud computing provider heavily associated with AI workloads, slipped nearly 8%.
The pressure spread throughout the semiconductor and data-center ecosystem. Advanced Micro Devices fell 4%, Broadcom dropped 4%, Intel lost 5%, and Super Micro Computer declined nearly 5%.
- Nvidia shares fell approximately 3%.
- Oracle shares dropped nearly 6%.
- CoreWeave shares slipped almost 8%.
- AMD and Broadcom each declined about 4%.
- Intel fell 5%, while Super Micro Computer dropped nearly 5%.
The broad decline reflected concerns that rapid AI spending may be based on revenue expectations that are difficult to measure consistently. Investors are closely watching whether companies building chips, servers and data centers can maintain growth as AI developers continue spending billions on computing capacity.
Surprising Difference Between Reported Revenue Figures
OpenAI reportedly shared the updated figures in an investor presentation. Alongside its approximately $50 billion annualized revenue, the company highlighted 77% total run-rate growth during the third quarter.
Its enterprise business reportedly grew even faster, with run-rate growth of 107% during the same period. That performance suggests strong demand from companies using OpenAI products for software development, customer service, research and other business functions.
However, the distinction between OpenAI’s own revenue and gross revenue connected to its partners has become an important issue for investors. The $68 billion figure may have offered a wider view of the commercial activity surrounding OpenAI, but the $50 billion figure more directly reflects the company’s reported annualized revenue.
The Financial Times was first to report the $50 billion figure. CNBC later confirmed the number through a person familiar with the investor presentation, who requested anonymity to discuss confidential financial information.
OpenAI Valuation and Potential IPO Face New Questions
The revenue clarification arrives at a critical moment for OpenAI. The company is under pressure to support an $852 billion valuation as it prepares for what could become one of the largest technology initial public offerings ever.
OpenAI confidentially filed an IPO prospectus with regulators in June, while executives have indicated that a public debut could take place in 2027. Still, Chief Executive Officer Sam Altman said in September that the current environment may be an “ill-advised moment” for the company to go public, partly because of continuing concerns about AI safety.
OpenAI is also holding early discussions with investors about a potential new funding round. The company could seek approximately $30 billion, although the amount may change and no final term sheet has been completed.
In March, OpenAI closed a historic $122 billion funding round. Chief Financial Officer Sarah Friar recently said the company remains “very well capitalized,” suggesting it has substantial financial resources while it evaluates its next steps.
Anthropic Comparison Adds Pressure
OpenAI’s financial update also intensifies comparisons with Anthropic, another leading AI developer preparing for a possible public offering. Anthropic said its annualized revenue run rate reached $65 billion at the end of July.
At the same time, analysts have questioned the valuations being assigned to the fast-growing AI companies. Independent research provider New Constructs recently called Anthropic’s anticipated offering the “most ridiculous IPO of 2026” and estimated the company’s value at $150 billion.
Both companies face a difficult balance between aggressive expansion, enormous computing costs and concerns over AI safety. OpenAI has disclosed incidents involving unintended model behavior and recently abandoned plans to release GPT-6.1 Astra after the model failed to meet its safety standards.
For investors, the latest revenue disclosure is a reminder that AI growth figures can vary depending on how partnerships, bookings and run-rate estimates are calculated. The distinction could influence future funding negotiations, public-market expectations and the valuations of companies supplying the AI economy.
Frequently Asked Questions About OpenAI
What annualized revenue did OpenAI report?
OpenAI told investors it had approximately $50 billion in annualized revenue at the end of September 2026.
Why was the $68 billion figure higher?
A person familiar with the matter said the $68 billion estimate included gross revenue from OpenAI’s partners, producing a broader measurement than the company’s own annualized revenue.
Which AI stocks fell after the news?
Nvidia, Oracle, CoreWeave, AMD, Broadcom, Intel and Super Micro Computer all declined, with CoreWeave falling nearly 8% and Oracle dropping almost 6%.
Is OpenAI planning an IPO?
OpenAI has confidentially filed an IPO prospectus and executives have signaled that a 2027 debut is possible, although the timing remains uncertain.
