Shares of major artificial intelligence vendors fell sharply on Thursday after OpenAI disclosed its actual annualized revenue to investors, which came in lower than previously reported figures circulating in the market.
OpenAI told investors it hit roughly $50 billion in annualized revenue at the end of September, according to CNBC. The figure trails the $68 billion that was widely reported in late 2025. A person familiar with the matter said the $68 billion figure included gross revenue from OpenAI's partners, offering a different calculation method than the annualized revenue metric disclosed in the investor presentation.
Nvidia shares fell 3% on the news. Oracle slid nearly 6%, while CoreWeave dropped almost 8%. Other chipmakers and AI infrastructure vendors declined sharply. Advanced Micro Devices fell 4%, Broadcom fell 4%, Intel fell 5% and Super Micro Computer slipped nearly 5%.
OpenAI also shared details of its growth rates with investors. The company achieved 77% total run rate growth during its third quarter, with enterprise business growing 107% on a run rate basis during the same period, the person said. The Financial Times first reported the $50 billion revenue figure.
The revenue disclosure comes as OpenAI faces pressure to justify its $852 billion valuation ahead of a planned initial public offering. The company confidentially filed its IPO prospectus with regulators in June and executives have signaled a 2027 debut target. CEO Sam Altman said in September that "right now would be an ill-advised moment to go public," citing ongoing concerns around AI safety.
OpenAI is also pursuing a new funding round that could raise around $30 billion, though CNBC previously reported that figure could change based on investor demand and no term sheet has been finalized. CFO Sarah Friar told CNBC last week the company remains "very well capitalized" following its $122 billion funding round closed in March.
Rival Anthropic is also preparing for a major IPO. Anthropic disclosed annualized revenue run rate of $65 billion at the end of July, according to an August investor update. The company is reportedly seeking a $2 trillion valuation, though independent research firm New Constructs valued Anthropic at $150 billion and called its anticipated offering "the most ridiculous IPO of 2026."