OpenAI's Revenue Is $20 Billion Below Investor Expectations

OpenAI significantly overstated its revenue to investors. The company told them its annual revenue is approaching $50 billion, down from the previously cited figure of $70 billion. That's $20 billion less than assumed, and it reflects a more realistic picture of the financial standing of one of the world's most heavily funded AI companies.

Where the $70 billion figure came from

The original $70 billion figure was based on information circulated through news outlets and shared with OpenAI's investors. It emerged from investors' attempts to draw a direct comparison between OpenAI's and Anthropic's annual revenues. However, that comparison turned out to be methodologically flawed, due to significant differences in how the two companies calculate revenue.

Methodological differences in revenue calculation

OpenAI and Anthropic calculate their revenue in fundamentally different ways. Anthropic includes in its annual revenue figure sales made through cloud partners and partner channels. OpenAI doesn't follow this practice and only counts direct sales to end users and corporate clients. This methodological difference explains the sizable gap between the original $70 billion estimate and the real figure of $50 billion.

Financial pressure and long-term sustainability

The question of OpenAI's actual revenue is becoming increasingly critical as the company tries to justify the enormous capital investments flowing into its development. During a funding round in March 2026 alone, the company raised substantial funds to expand its computing capacity.

An earlier financial report from the beginning of the year showed that OpenAI earned roughly $13 billion, but its spending significantly outpaced its revenue. That raises serious questions about the long-term economic sustainability of its business model and calls for a more aggressive approach to monetizing its services.

There had previously been rumors that OpenAI would pursue an IPO in 2026, but those plans have since been shelved. TechCrunch reached out to the company for comment on the new financial figures and for clarification on its revenue situation.