OpenAI Investor Documents Put Annualized Revenue Near $50 Billion, About $20 Billion Below Prior Signal

OpenAI has told investors its annualized revenue was approaching $50 billion at the end of September, about $20 billion below the $70 billion run-rate figure reported days earlier. The gap does not erase the company’s rapid growth, but it intensifies scrutiny of how private AI labs present demand while raising money for expensive compute buildouts.