OpenAI Reports $50 Billion Revenue Run Rate, Well Below September Estimates

OpenAI disclosed to investors that its annualized revenue reached approximately $50 billion as of September 2026, significantly below the $70 billion figure widely reported weeks earlier, triggering a market reassessment of AI infrastructure valuations. The gap between the two figures stems from accounting methodology: the lower number excludes revenue from cloud partner channels such as AWS and Google Cloud, while the higher estimate included those sales to create a comparison point with rival Anthropic.