Shares of artificial intelligence infrastructure and software companies fell sharply on Thursday after OpenAI disclosed that its annualized revenue stood at approximately $50 billion as of late September, below the $68 billion figure circulated last month.
OpenAI shared the updated figure in an investor presentation, according to a person familiar with the matter. The $68 billion previously reported included gross revenue from OpenAI's partners, which allows for more direct comparison with rival Anthropic, the person said. The Financial Times first reported the $50 billion number.
Despite the lower headline figure, OpenAI reported 77 percent total run rate growth in its third quarter and 107 percent run rate growth for its enterprise business during the same period, according to the person briefed on the financials.
Nvidia shares declined 3 percent, while Oracle fell nearly 6 percent and CoreWeave dropped nearly 8 percent. Advanced Micro Devices, Broadcom, Intel and Super Micro Computer each fell between 4 and 5 percent.
The valuation pressure reflects OpenAI's challenge in justifying its $852 billion valuation ahead of an expected public offering. OpenAI confidentially filed its prospectus with regulators in June and executives have signaled a target 2027 debut, according to the source material.
Anthropic, which competes directly with OpenAI, is also preparing for a major IPO and has reportedly sought a $2 trillion valuation. In August, Anthropic told investors its annualized revenue run rate reached $65 billion at the end of July. However, independent financial research firm New Constructs published a report on Tuesday calling Anthropic's offering "the most ridiculous IPO of 2026" and valued the company at $150 billion. According to Reuters, which cited a leaked prospectus, Anthropic generated $4.6 billion in revenue during 2025 while posting a $42 billion net loss.
OpenAI CEO Sam Altman stated in September that the timing for a public offering would be "ill-advised" in part due to safety concerns surrounding the company's models. OpenAI disclosed multiple incidents where its models performed unexpectedly and recently scrapped plans to launch GPT-6.1 Astra, citing unmet safety standards.
OpenAI is pursuing early stage discussions about a new funding round that could raise approximately $30 billion, though no term sheet has been finalized. The company closed a $122 billion funding round in March.