• OpenAI's annualized revenue is approaching $70 billion, according to a source familiar with its finances, more than doubling enterprise sales since July.
  • A recent Financial Times report suggests the figure may be $20 billion less than previously signaled, though the exact claim remains unverified.
  • The discrepancy highlights the challenge of valuing high-growth AI ventures, as OpenAI continues to burn cash and plans an IPO.

Conflicting Signals on OpenAI's Revenue

OpenAI's revenue trajectory has become a subject of intense speculation after a Financial Times report suggested the company's annualized revenue may be $20 billion lower than previously indicated. The headline, which circulated on Tuesday, lacked specificity, leaving analysts to debate whether it meant annualized revenue is $20 billion or that it falls $20 billion short of earlier guidance.

Sources familiar with the matter told Reuters (TRI) on September 29 that OpenAI's annualized revenue was approaching $70 billion, with enterprise sales more than doubling since July. That figure, if accurate, would represent a significant acceleration from the $20 billion run-rate reported at the end of 2025.

The FT report, however, could not be independently verified. A person close to the company dismissed the suggestion of a shortfall, calling the $70 billion figure "in the right ballpark," but declined to elaborate. An OpenAI spokesperson did not respond to requests for comment.

The Blurred Lines of Annualized Revenue

Annualized revenue, a common metric for high-growth tech firms, extrapolates a recent month's sales over a full year. It can be misleading, as it may not reflect seasonal fluctuations or one-time spikes. OpenAI's CFO Sarah Friar has previously emphasized that the company's growth is driven by both consumer subscriptions and enterprise API usage.

In a presentation reviewed by the FT, OpenAI forecast $36 billion in full-year 2026 revenue, alongside $278 billion in projected cash burn through 2030. That funding gap explains the company's aggressive fundraising. In March, OpenAI raised $122 billion at an $852 billion valuation, but the cash could be exhausted by 2028 if spending continues at the current pace.

"The market is trying to price a company that is growing at an unprecedented rate but also requires unprecedented capital," said Gil Luria, analyst at D.A. Davidson. "Any hint of a slowdown will be magnified."

IPO Plans and Leadership Shuffle

OpenAI confidentially filed for an IPO in June, but CEO Sam Altman later said the company would not go public in 2026, citing AI-safety concerns. The filing is not a completed listing, and the timing remains uncertain.

Separately, a secondary report indicated that Dali Rajic had replaced Denise Dresser as chief revenue officer. That change could not be confirmed through official channels. If true, it would mark a significant shake-up in OpenAI's sales leadership as it pushes deeper into enterprise markets.

The company's expansion priorities include agents, workflow automation, advertising, and commerce. It recently published a Frontier Governance Framework, aligning its safety practices with California's Transparency in Frontier AI Act and the EU AI Act. Regulatory compliance is becoming a core operating expense, not just a legal formality.

Market Ripples and Industry Implications

The ambiguity around OpenAI's revenue has implications beyond the company. Oracle (ORCL) shares rose 5.3% on September 29 following the Reuters report, as Luria noted that OpenAI represents roughly half of Oracle's compute backlog. Any revision to OpenAI's growth could affect suppliers' demand forecasts.

Anthropic, a key rival, reported a twelvefold increase in 2025 revenue to nearly $4.6 billion, but also a $42 billion net loss. The comparison underscores that massive revenue growth in AI often coexists with massive losses. OpenAI's $278 billion projected cash burn is a forecast, not a realized loss, but it illustrates the scale of investment required.

OpenAI's own figures trace annualized revenue from $2 billion in 2023 to over $20 billion in 2025, alongside a rise in compute capacity from 0.2 to 1.9 gigawatts. Friar argues that computing capacity and revenue have grown together, a narrative the company hopes will convince investors that its capital-intensive model is sustainable.

What to Watch

The immediate focus is on the FT article itself: its publication date, the measurement period, and the comparison baseline. Until those details emerge, the headline cannot be treated as a confirmed downgrade. Investors will also look for any clarification from OpenAI, which has been unusually quiet since the report surfaced.

Longer term, the test is whether OpenAI can convert revenue into cash. Its investor presentation projects revenue rising to $350 billion by 2030, but that is a company forecast, not a guarantee. With a potential IPO on the horizon, the pressure to demonstrate a clear path to profitability is mounting. For now, the only certainty is that OpenAI remains a magnet for capital and controversy in equal measure.

Correction: An earlier version of this article misstated the date of the Reuters report. It was September 29, not September 28.