AI stocks fell after reports that OpenAI's annualized revenue is lower than previously claimed. CNBC notes that Nvidia, Oracle, CoreWeave and other AI stocks sank on the news. TechCrunch reports that OpenAI has told investors its annualized revenue is "approaching $50 billion," about $20 billion below the $70 billion figure that had circulated.
The discrepancy stems partly from differing calculation methods. TechCrunch reports that OpenAI and Anthropic calculate annualized revenue differently, with Anthropic counting sales made by its cloud partners while OpenAI does not. The earlier $70 billion figure was devised by OpenAI's own investors to compare directly with Anthropic's reported $65 billion run rate.
The revenue question is central to OpenAI's efforts to justify its $852 billion valuation ahead of a widely expected IPO. CNBC reports OpenAI confidentially filed its prospectus in June and has signaled a 2027 debut. Anthropic is also preparing for a major IPO, reportedly seeking a $2 trillion valuation.