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OpenAI’s revenue is growing quickly, but the widely reported figures of roughly $70 billion and $50 billion do not describe a sudden $20 billion drop. They are annualized estimates using different accounting comparisons. Separately, a report says OpenAI is in early talks to raise at least $30 billion at a roughly $1.4 trillion valuation; the company has not confirmed that proposed round or its terms.
Is OpenAI raising $30 billion?
Reuters, relaying a Bloomberg report citing people familiar with the matter, reported on September 29, 2026, that OpenAI was discussing a funding round targeting at least $30 billion at a roughly $1.4 trillion valuation. The talks were described as early, and the terms could change. OpenAI did not immediately respond to Reuters’ request for comment. The report is not evidence that a round has closed or that investors have committed to those terms. Reuters via Investing.com
The reported financing was described as bridge funding in place of an initial public offering. Reuters also reported that Sam Altman had said earlier in September that OpenAI would not go public in 2026, citing AI safety concerns. That context does not make the proposed round a confirmed financing.
What is OpenAI’s valuation?
The roughly $1.4 trillion figure is a reported valuation target for the proposed financing, not a confirmed valuation. It should not be compared directly with OpenAI’s March 2026 valuation without accounting for the different basis: the proposed figure was reported as a pre-money valuation, while OpenAI announced its earlier funding at an $852 billion post-money valuation.
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| Figure | Status and basis | Source |
|---|---|---|
| At least $30 billion | Target for a proposed round; early talks, not confirmed as closed | Reuters via Investing.com, September 29, 2026 |
| Roughly $1.4 trillion | Reported pre-money valuation target for the proposed round | Reuters via Investing.com, September 29, 2026 |
| $122 billion committed capital; $852 billion post-money valuation | Funding announcement confirmed by OpenAI in March 2026 | OpenAI, March 31, 2026 |
A post-money valuation includes the new investment; a pre-money valuation is the company’s value before that investment. The March announcement is a completed company disclosure, while the September report describes a financing target. The figures therefore represent different events and valuation bases, not a simple before-and-after comparison.
Why did OpenAI’s revenue estimate change from $70 billion to $50 billion?
The apparent change is primarily an accounting-basis difference, not evidence that revenue fell by $20 billion. Axios reported on September 29 that OpenAI’s annualized revenue run rate was nearing $70 billion, citing sources familiar with the financials. On October 9, The Decoder relayed a Financial Times figure of roughly $50 billion at September-end and explained that the earlier figure had been grossed up to make it comparable with Anthropic’s revenue presentation.
For some sales made through cloud partners, OpenAI records its share of the transaction. Anthropic records the full amount paid by the customer and treats the cloud provider’s share as an expense. That means the two companies can report different revenue totals for economically similar transactions. Axios, citing accounting professor Francine McKenna, said both approaches comply with GAAP; which presentation applies depends on the companies’ roles in the transactions.
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|---|---|---|
| Near $70 billion | Annualized revenue run rate, grossed up for comparison with Anthropic’s approach | Axios, September 29 and October 8, 2026; based on sources familiar with the financials and an accounting-basis explanation |
| Roughly $50 billion | Annualized revenue at September-end, on the basis reported for OpenAI | Financial Times figure relayed by The Decoder, October 9, 2026 |
Neither figure is a publicly released, audited full-year revenue result. The underlying financial records are not public in these reports, so the numbers should be read as attributed estimates, not as independently verified statements of booked annual revenue.
What does annualized revenue run rate mean?
An annualized run rate takes revenue generated over a shorter period and projects that pace across a year. It can illustrate how fast a business is currently selling, but it is not the same as revenue actually earned over a completed year. It also does not establish profit, cash flow, or that the same pace will continue. Axios noted that public-market investors generally prefer actual revenue to financial constructs such as run rates.
What has OpenAI confirmed about revenue and funding?
In its March 31, 2026 announcement, OpenAI said it had raised $122 billion in committed capital at an $852 billion post-money valuation. The company also said it was generating $2 billion in revenue per month and that enterprise made up more than 40% of revenue. These are OpenAI’s own March claims; they provide growth context but do not verify September’s reported annualized run rates or the later proposed funding terms. OpenAI’s funding announcement
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Does the revenue growth mean OpenAI is profitable?
No conclusion about profitability follows from the reported revenue figures alone. The reports do not establish OpenAI’s full expenses, margins, or cash flow. Axios said it could not immediately learn details about the company’s expenses, so the available figures also do not show whether revenue growth will cover its infrastructure commitments.
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