OpenAI told investors its annualized revenue reached about $50 billion in September 2026.
Why it matters: The figure offers a partial view of the revenue supporting OpenAI's large investments in computing and infrastructure. But annualized revenue is not the same as actual or audited annual revenue, and the calculation period and methodology were not disclosed.
- OpenAI's approximately $50 billion figure was reportedly shared with investors at the end of September 2026.
- The figure came from unnamed people familiar with investor information; the underlying presentation or data room materials were not publicly available.
- OpenAI reportedly cited 77% growth in total revenue run rate and 107% growth in enterprise revenue run rate during the third quarter, but the comparison periods were not specified.
- An earlier $68 billion-$70 billion estimate was reported separately, but the supplied materials do not identify who circulated it or through which report or filing.
OpenAI told investors that its annualized revenue was approximately $50 billion at the end of September 2026, according to people familiar with the investor information. The supplied materials do not identify the people, provide the investor presentation or data room materials, or explain the period and methodology used to annualize the figure.
Annualized revenue is an extrapolation from a recent revenue period, not the same as actual revenue earned over a completed year. The materials do not say whether the $50 billion calculation used a month, quarter or another period, or whether it was based on recognized revenue, bookings or another measure.
Axios reported that an approximately $68 billion-$70 billion annualized-revenue estimate had circulated shortly beforehand. The supplied materials do not identify who circulated that estimate, when exactly it was distributed, or whether it came from a report, filing or investor communication. They also do not provide evidence establishing how its measurement differed from OpenAI's figure. The difference therefore should not be treated as a confirmed decline in actual revenue.
OpenAI reportedly told investors that total revenue run rate grew about 77% and enterprise revenue run rate about 107% during the third quarter. The materials do not specify whether those rates were quarter over quarter, year over year or measured over another interval. They also do not provide the underlying revenue amounts.
The supplied materials include reports that Nvidia, Oracle and CoreWeave fell during the October 8 session, but do not establish closing percentage changes, broader S&P 500 or Nasdaq performance, or a company-specific cause. They therefore do not support saying OpenAI's disclosure caused the stock moves. OpenAI's public update on product adoption is not sufficient to establish revenue quality, profitability or cash generation, and the supplied materials do not include a response from OpenAI to questions about the investor figures.
By the numbers
- $50 billion - OpenAI's reported annualized revenue figure at the end of September 2026; methodology and calculation period unavailable.
- 77% - Reported growth in total revenue run rate during the third quarter; comparison period unspecified.
- 107% - Reported growth in enterprise revenue run rate during the third quarter; comparison period unspecified.
Yes, but: The figures came from unnamed people familiar with investor information, not publicly reviewable financial statements. The supplied materials also do not establish the calculation period, methodology, comparison periods or whether the competing $68 billion-$70 billion estimate used the same revenue definition.
What's next: The supplied materials identify no upcoming filing, deadline or scheduled disclosure that would provide the underlying calculations.