OpenAI Expects $70 Billion in Annualized Revenue by End of 2026

OpenAI is expecting to reach or exceed $70 billion in annualized revenue by the end of the year, according to people familiar with the matter, driven largely by growth in its enterprise business.

The ChatGPT-maker’s annualized revenue was roughly $50 billion at the end of September, the people said. The figure represents a projection of OpenAI’s yearly sales based on a shorter period.

The company shared the numbers with investors as part of discussions for its latest fundraising effort, said the people, requesting anonymity to discuss private information. OpenAI is in talks to raise $30 billion or more at a $1.4 trillion valuation before the new money, Bloomberg first reported in September.

The company declined to comment.

OpenAI, Anthropic PBC and other AI firms have often touted their annualized revenue as a key growth metric. However, not all companies measure it the same way.

Anthropic counts as its revenue the gross amount of certain sales through cloud partners like Amazon.com Inc., while OpenAI recognizes only its share of revenue generated from such partners, including Microsoft Corp. Using that net revenue basis means that OpenAI’s revenue could appear lower than Anthropic’s even if the overall amount of business is the same.

Anthropic’s annualized revenue hit $65 billion by the end of July, Bloomberg News previously reported.

Some media outlets reported last month that OpenAI was already projecting nearly $70 billion in annualized revenue, based on investor estimates. The Financial Times reported Thursday that the discrepancy came from OpenAI’s investors attempting to calculate OpenAI’s annualized revenue using the same methods as Anthropic.

On Thursday, tech shares led losses in the S&P 500 after reports that OpenAI’s annualized revenue would be lower than some previous estimates. The Nasdaq 100 fell 1.4%. A gauge of chip giants sank 3.4%.

The confusion over the revenue figure “largely reflects differences in how OpenAI and Anthropic calculate comparable revenue,” Bloomberg Intelligence analysts Mandeep Singh and William Tong wrote.

While OpenAI has pushed back plans for an initial public offering until at least next year, citing its focus on AI safety efforts, Anthropic is expected to sell shares in an IPO as soon as November.

OpenAI is in talks with multiple investment funds from the United Arab Emirates, including Abu Dhabi-based MGX, to help anchor its new financing round, Bloomberg has reported .

The company most recently raised a $122 billion round in March at an $852 billion valuation, including the money.

What Bloomberg Intelligence Says

OpenAI’s annualized revenue approaching $50 billion at the end of September, according to the Financial Times, below the roughly $70 billion figure reported last month, largely reflects differences in how OpenAI and Anthropic calculate comparable revenue.

— Mandeep Singh and William Tong, BI analysts

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