OpenAI reported an annualized revenue run-rate (ARR) approaching $50 billion as of late September 2026. This figure contrasts with a widely circulated investor estimate of $70 billion. The discrepancy arises from different accounting methods used by AI companies when processing sales through cloud partners like Microsoft Azure and Google Cloud.
Companies can choose to book revenue as a gross amount paid by the customer or as a net amount after the partner takes its share. Research indicates that this choice alone can shift ARR by up to $8 billion. Both OpenAI and Anthropic remain GAAP-compliant, but they interpret customer relationship control differently, leading to variations in reported top-line figures.
Anthropic reported an ARR of $65 billion in July 2026. Investors attempted to compare OpenAI and Anthropic by applying Anthropic’s accounting approach to OpenAI’s data, resulting in the contested $70 billion figure. Reports from the Financial Times and Bloomberg on October 8-9, 2026, highlighted that this investor-calculated estimate is considered incorrect by the company.
The confusion surrounding these metrics has caused volatility in AI-related stocks. As both companies prepare for potential IPOs, the market faces difficulty in determining their relative scale. Analysts suggest that investors must clarify whether reported revenue figures represent gross or net values to ensure accurate comparisons.
