AI stocks tumble as OpenAI reports lower-than-expected revenue

Shares of Nvidia, Oracle, CoreWeave and other artificial-intelligence firms dropped on Thursday after investors learned that OpenAI’s annualized revenue reached roughly $50 billion at the end of September, a figure lower than the $68 billion previously reported.

The Financial Times first reported the $50 billion number, which OpenAI disclosed in an investor presentation. A source familiar with the data said the earlier $68 billion estimate included gross revenue from OpenAI’s partners, making the new figure more comparable to that of rival Anthropic.

OpenAI also highlighted a 77% increase in its total run-rate growth for the third quarter and a 107% rise in its enterprise business run-rate over the same period.

The company, valued at $852 billion, is under pressure to justify its market price as it prepares for a likely initial public offering, with a prospectus filed confidentially in June and a target debut around 2027. In the meantime, OpenAI is in early discussions with investors about a possible new funding round that could raise about $30 billion, though terms have not been finalized.