OpenAI told investors that its annualized revenue reached roughly $50 billion at the end of September 2026, the Financial Times reported on Thursday, October 8, and CNBC confirmed the figure separatelOpenAI told investors that its annualized revenue reached roughly $50 billion at the end of September 2026, the Financial Times reported on Thursday, October 8, and CNBC confirmed the figure separatel
OpenAI's Annualized Revenue Explained: What the $50 Billion Figure Means for Nvidia and AI Stocks
OpenAI told investors that its annualized revenue reached roughly $50 billion at the end of September 2026, the Financial Times reported on Thursday, October 8, and CNBC confirmed the figure separately. AI stocks sold off the same day, led by the cloud and chip companies that depend most on OpenAI's spending. The gap came from how revenue was counted, not from lost sales, which is why it matters beyond one trading session.
Key Takeaways
- On October 8, 2026, the FT reported OpenAI's annualized revenue at about $50 billion at the end of September, roughly $20 billion below the figures reported in September.
- The gap is a counting difference. The higher number adjusted OpenAI's sales to match how Anthropic counts revenue made through cloud partners.
- OpenAI also told investors its total run rate grew 77% in the third quarter, and 107% for its enterprise business.
- CoreWeave fell nearly 8%, Oracle nearly 6% and Nvidia about 3%. The iShares Semiconductor ETF lost 3.4%, its worst day since September 14.
- NVDA kept trading after the US close. At 03:49 UTC on October 9, MEXC's NVDA Stock Futures stood at 232.63 USDT, about 1.1% above their 24-hour low.
What Did OpenAI Report About Its Revenue?
OpenAI told investors it reached about $50 billion in annualized revenue at the end of September 2026, according to the Financial Times, which first reported the figure on October 8. CNBC confirmed it with a person familiar with the matter. The number sat about $20 billion below the $68 billion to $70 billion widely reported in late September.
OpenAI paired the figure with growth data. The company told investors its total run rate grew 77% during the third quarter, while its enterprise business grew its run rate by 107% over the same period, according to the same CNBC report.
Why Is OpenAI's Revenue $20 Billion Lower Than Reported?
OpenAI's revenue figure is lower because of how it is counted, not because customers left. Anthropic includes revenue from customers who buy its models through cloud platforms such as Amazon Web Services and Google Cloud. OpenAI's core figure leaves out sales made through third-party cloud channels. The widely reported $70 billion number came from adjusting OpenAI's revenue to Anthropic's method.
The two companies count annualized revenue in different ways. According to the FT, the larger figure came from an attempt to make OpenAI's number directly comparable with Anthropic's, by counting the full value of partner sales rather than only what OpenAI books itself.
What Is Annualized Revenue, and Why Do OpenAI's and Anthropic's Differ?
Annualized revenue, also called run rate, takes a recent period of sales and extends it across a full year, for example one month's revenue multiplied by 12. It is a projection, not revenue already earned. Two companies can sell the same amount and still report very different run rates if they treat partner sales differently.
A simplified example shows how much the method changes the headline. Suppose a business customer spends $100 a month on AI models bought through a cloud marketplace:
- Gross method (Anthropic-style): the full $100 counts toward the model developer's revenue, which annualizes to $1,200.
- Core method (OpenAI-style): sales through third-party cloud channels stay out of the headline figure, so this customer adds nothing to it.
- Same customer, same spending: the two headlines differ by $1,200 a year for one account. Across thousands of enterprise accounts, the gap reaches billions.
The figures above are illustrative, not company data. The lesson from October 8 is simple: before comparing two AI labs' revenue, check which method each number uses. For the other side of the comparison, see how Anthropic's revenue and ARR are measured.
Which AI Stocks Fell on the OpenAI Revenue Report?
The stocks most tied to OpenAI's spending fell hardest on October 8, 2026. CoreWeave slid nearly 8%, Oracle nearly 6% and Nvidia 3%, according to CNBC. The iShares Semiconductor ETF (SOXX) lost 3.4%, its worst session since September 14.
- Oracle (ORCL): about $300 billion of Oracle's contract backlog is reportedly tied to OpenAI, so doubts about OpenAI's revenue reach Oracle first.
- CoreWeave (CRWV): rents GPU capacity to AI developers, and investors treat it as a direct read on AI-lab spending.
- Nvidia (NVDA): supplies the chips behind most of that capacity. Its 3% drop was smaller than the cloud providers' losses.
- Chip suppliers: AMD fell 3.3% and Micron dropped 4.3%, while Broadcom, which is developing a custom chip with OpenAI, lost 3.2%.
The pattern matters more than any single move. Losses scaled with exposure to OpenAI, so the market was pricing customer concentration rather than a broad collapse in AI demand.
Does the OpenAI Revenue Gap Mean AI Demand Is Slowing?
The October 8 disclosure does not show AI demand slowing. It corrected a comparison between two companies, and OpenAI reported 77% run-rate growth in the third quarter. The open question is whether that revenue grows fast enough to pay for the computing contracts OpenAI has already signed with suppliers such as Oracle.
That question has moved AI stocks before. In late April, a Wall Street Journal report that OpenAI had missed internal targets pushed Oracle about 5% lower before the open. This time the selloff paused quickly: Nvidia, Oracle and CoreWeave all edged higher in overnight trading, and an analyst cited by Stocktwits called the reaction overblown.
What Does the Revenue Gap Mean for the OpenAI and Anthropic IPOs?
The revenue gap turns counting methods into a valuation issue for both listings. Anthropic told investors its annualized revenue run rate hit $65 billion at the end of July 2026, and OpenAI's executives point to a listing in 2027. Until both report on the same basis, their headline revenue figures cannot be compared directly.
A prospectus settles much of this, because it has to report revenue under accounting standards rather than a run rate the company chooses. CNBC reports that OpenAI submitted a confidential draft prospectus in June. For the latest on both listings, see Anthropic vs OpenAI IPO: what's confirmed and who lists first.
How Did NVDA Trade After the US Market Closed?
NVDA kept trading after Nasdaq closed at 4:00 p.m. ET on October 8. In overnight trading, Nvidia edged up about 0.5%. On MEXC, NVDA Stock Futures trade around the clock, so traders in Asia could react to the OpenAI report hours before Wall Street reopened.
Demand outside US hours shows up in MEXC's own numbers. In MEXC's August 2026 trading data, weekend sessions made up about 11% of monthly Stock Futures volume, and NVDA ranked fifth among all Stock Futures by volume, up 54% from July.
MEXC data snapshot (03:49 UTC, October 9, 2026): NVDA Stock Futures (NVDAUSDT) traded at 232.63 USDT in the overnight session, about 1.1% above the 24-hour low of 230.17 set during Thursday's US session. The 24-hour range ran from 230.17 to 237.90 on volume of roughly 103,900 NVDA. The funding rate for the period settling at 08:00 UTC was +0.0376%: if it holds at settlement, holders of long positions pay holders of short positions. At the time, the contract's fair price of 232.61 sat slightly above its index price of 232.50.
NVDA Stock Futures on MEXC, 30-minute chart, October 7–9, 2026 (UTC+8). Source: MEXC, 03:49 UTC, October 9, 2026.
Outside US market hours, a Stock Futures price can drift from Nvidia's last Nasdaq close, so the two may not match until the next regular session opens. Stock Futures are leveraged derivatives, and MEXC's guide to trading stock futures explains how margin and pricing work.
What Should Investors Watch Next?
Investors should watch for anything that puts OpenAI's revenue on a comparable footing, and for signs that AI computing budgets are holding.
- OpenAI disclosures: any statement or filing that restates revenue on a standard accounting basis.
- Big Tech spending: third-quarter results from the largest cloud spenders, and whether their AI infrastructure budgets hold.
- Oracle: updates on how its OpenAI-related backlog turns into revenue.
- Anthropic's IPO: which revenue basis its filings use, and how that compares with the $65 billion run rate.
For eligible users, MEXC offers several ways to follow the AI trade. Traders who want leveraged long or short exposure can use NVDA Stock Futures or MU Stock Futures, while users who prefer to own shares can buy real NVDA stock through RealStocks, covered in MEXC's RealStocks guide. Each NVIDIA product on MEXC differs in what you own and how it is priced, so check the structure before trading.
Frequently Asked Questions About OpenAI's Revenue and AI Stocks
What is OpenAI's annualized revenue in 2026?
OpenAI told investors its annualized revenue was about $50 billion at the end of September 2026, according to the Financial Times and CNBC. That figure leaves out sales made through third-party cloud channels.
Why did Nvidia stock fall on October 8, 2026?
Nvidia fell about 3% after the FT reported that OpenAI's annualized revenue was roughly $20 billion below earlier figures. OpenAI is a major user of computing built on Nvidia chips, so doubts about its revenue weigh on Nvidia.
Is OpenAI's revenue really $20 billion lower than reported?
Not in the sense of lost sales. The higher figure adjusted OpenAI's revenue to Anthropic's counting method, which includes sales through cloud partners. The $50 billion figure is OpenAI's own basis.
What does annualized revenue or run rate mean?
Run rate projects a full year of sales from a recent period, such as one month multiplied by 12. It is an estimate, not reported annual revenue, and companies choose what to include.
How does OpenAI's revenue compare with Anthropic's?
Anthropic reported a $65 billion run rate at the end of July 2026, including sales through cloud partners. OpenAI's $50 billion end-of-September figure leaves those sales out, so the two are not like-for-like.
Can I trade NVDA when the US stock market is closed?
Yes, through products that trade outside US hours. MEXC's NVDA Stock Futures trade 24/7, but the price can differ from Nasdaq's last close, a funding rate applies, and leverage magnifies losses.
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The articles shared on this page are sourced from public platforms and are provided for reference only. They do not represent the position or views of MEXC. All rights belong to James Mitchell. If you believe any content infringes upon the rights of a third party, please contact [email protected] for prompt removal. MEXC does not guarantee the accuracy, completeness, or timeliness of any content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be interpreted as a recommendation or endorsement by MEXC. For expert insights and in-depth analysis, visit MEXC Learn.
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