OpenAI disclosed a revenue figure $20bn lower than widely reported in September, creating confusion around the company's true financial performance. The discrepancy highlights challenges in measuring AI revenue, where accountants must navigate token bundles, subscriptions, agentic tasks, and licences. When OpenAI sneezes, the entire market catches a cold, as its sales growth influences valuations across tech giants like Nvidia, Microsoft, Amazon, and Oracle, as well as broader ecosystem players from banks to power companies.
Revenue figures can be booked long before cash arrives or long after, and tech companies often 'annualise' revenue, amplifying irregularities. While backwards-looking sales figures are less useful for rapidly growing firms like OpenAI ($13bn in 2025) and Anthropic, understanding how numbers are calculated remains crucial. OpenAI's 'net' figure excludes partner portions like Microsoft's cut, while Anthropic's 'gross' number includes full customer bills.
The ambiguity risks inflated valuations before public offerings, as seen with SpaceX's $1.5tn valuation expectation. The solution: OpenAI and Anthropic should go public quickly to provide detailed accounts, enabling more efficient pricing of securities.
Source: Financial Times Companies · Summarized by HeadlinesBriefing