Lex: why OpenAI’s fuzzy revenue numbers matter for everyone (opens the source in a new tab)
- OpenAI shared a revenue figure with investors $20bn below what was widely reported in September, and the news unsettled US stocks.
- Annualised run-rate numbers magnify lumps, and the labs count differently: OpenAI reports revenue net of partners such as Microsoft, while Anthropic reports it gross.
- Nvidia, Microsoft, Amazon and Oracle lean partly on the labs’ growth; Lex’s fix is for OpenAI and Anthropic to list soon and publish audited accounts.
- $20bn
- gap vs September reports
- $13bn
- OpenAI’s 2025 revenue
- $2tn
- valuation Anthropic’s backers seek
Why it matters AI labs’ sales now feed the valuations of chipmakers, cloud giants and even power firms, so vague numbers ripple through ordinary portfolios.
Other side For companies growing this fast, last year’s sales mislead too, and insiders can simply ask. Would a listing end the guesswork, or just reprice the hype?