A discrepancy of nearly $20 billion between two sets of OpenAI revenue figures has led to sharp stock price declines among U.S. technology companies. Companies closely involved in building AI infrastructure were particularly hard hit.
The turmoil highlights just how sensitive investors have become to doubts about the financial outlook for the AI sector. According to SiliconANGLE, which cites a report from the Financial Times, OpenAI cited an annualized revenue of nearly $50 billion during a recent presentation to potential investors. That is significantly less than the $68 billion reported as recently as August.
However, the difference does not necessarily mean that OpenAI’s revenue growth is disappointing. According to a Financial Times source, the figures were calculated using different methods. The earlier figure also included gross revenue from partners, while the new figure refers to OpenAI’s own net revenue. The broader calculation was intended to facilitate a comparison with competitor Anthropic.
OpenAI also reported to investors that annualized revenue grew by 77 percent in the third quarter. For its business operations, that growth was as high as 107 percent.
AI infrastructure companies take a hit
Despite these growth figures, investors reacted negatively. The Nasdaq lost 1.25 percent, its largest one-day drop since mid-August. The S&P 500 closed 0.5 percent lower.
Companies that benefit from the massive investments in AI data centers were particularly hard hit. Oracle, which has signed billion-dollar contracts with OpenAI, lost 5.5 percent. CoreWeave, which offers GPU capacity through its cloud infrastructure, fell 8 percent. Nvidia, AMD, Broadcom, and server manufacturer Super Micro Computer also saw their stock prices drop significantly.
These market reactions demonstrate just how closely these companies’ valuations are now tied to the expected spending of a relatively small number of large AI firms. When uncertainty arises about their revenues, questions also arise as to whether they can continue to finance their extensive investment plans.
Doubts about the sustainability of investments
According to Holger Mueller, an analyst at Constellation Research, investors need to take a more critical look at the financial fundamentals of the AI industry. He told SiliconANGLE that it remains unclear how much capital AI developers will ultimately need and what valuation is justified in that context.
This puts the sector in a difficult position. To achieve the expected growth, companies must invest enormous sums in chips, data centers, and energy infrastructure. At the same time, their valuations are based on the expectation that those investments will pay for themselves over the long term.
For OpenAI, this tension is particularly acute. The company is now valued at $852 billion and is preparing for an initial public offering (IPO). The IPO was initially planned for this year but has since been postponed to 2027. CEO Sam Altman confirmed last month that the plans are being delayed amid the ongoing debate over AI safety.
Anthropic’s valuation also under discussion
Rival Anthropic, on the other hand, reportedly aims to go public this year. According to recent reports, November 9 is being mentioned as a possible date. The company is said to be aiming for a valuation of $2 trillion.
That valuation also raises questions. Financial research firm New Constructs estimates Anthropic’s value at just $150 billion and has sharply criticized the proposed IPO.
According to a leaked prospectus reviewed by Reuters, Anthropic posted revenue of $4.6 billion in 2025, compared with losses of more than $42 billion. At the same time, annualized revenue is said to have since risen to more than $65 billion.
The turmoil surrounding OpenAI primarily shows that investors are no longer focusing exclusively on the speed at which AI companies are growing. The way revenue is calculated and the ratio between income, losses, and investment obligations are also gaining increasing importance. The fact that a difference in the definition of revenue alone can cause such price movements illustrates how little room the market currently allows for uncertainty.