OpenAI’s revenue is reportedly $20 billion less than previously projected

OpenAI has told investors that its annualized revenue is closer to $50 billion than the $70 billion that had been reported a week earlier. The new figure is about $20 billion lower than the previous estimate, according to the Financial Times. The earlier $70 billion number had come from OpenAI’s own investors, who tried to match the company’s revenue to Anthropic’s run rate.

Anthropic counts sales made by its cloud partners, while OpenAI does not, so the two companies use different methods to calculate annualized revenue. The revised revenue figure comes amid a backdrop of heavy spending. OpenAI raised $122 billion in a March funding round, and leaked 2025 financials show the lab earned roughly $13 billion but spent significantly more.

The company’s IPO, once expected this year, has been delayed until early 2027, a move that may reflect the need to align revenue expectations with investor demands. What changed is the gap between projected and actual revenue, and the timing of the IPO. Uncertainty remains about whether OpenAI can close the revenue shortfall and how the delayed public offering will affect its valuation and future fundraising.

Watch for updated financial disclosures and any new guidance on the IPO schedule.