OpenAI annualised revenues $20B less than previously signalled

Shares of Nvidia, Oracle, CoreWeave and other artificial intelligence names sank lower on Thursday after the market learned more details about OpenAI’s revenue.

周四，在市场获悉有关 OpenAI 收入的更多细节后，英伟达 (Nvidia)、甲骨文 (Oracle)、CoreWeave 以及其他人工智能相关公司的股价纷纷下跌。

OpenAI told investors that it hit roughly $50 billion in annualized revenue at the end of September, CNBC confirmed, lower than the the $68 billion figure that was widely reported late last month. A person familiar with the matter said the $68 billion figure included gross revenue from OpenAI’s partners, which helps investors make a more direct comparison with its chief rival, Anthropic.

据 CNBC 证实，OpenAI 告知投资者，截至 9 月底，其年化收入约为 500 亿美元，低于上月下旬广泛报道的 680 亿美元。一位知情人士表示，680 亿美元的数字包含了来自 OpenAI 合作伙伴的总收入，这有助于投资者将其与主要竞争对手 Anthropic 进行更直接的比较。

The Financial Times was first to report the $50 billion figure.

《金融时报》率先报道了 500 亿美元这一数字。

OpenAI shared an update about its finances in an investor presentation, said the person, who asked not to be named in order to discuss the numbers. In addition to the $50 billion in annualized revenue, OpenAI touted 77% total run rate growth during its third quarter, as well as 107% run rate growth for its enterprise business during the same period, the person said.

该知情人士要求匿名以讨论这些数据，他表示，OpenAI 在一份投资者演示文稿中分享了其财务状况的最新信息。该人士称，除了 500 亿美元的年化收入外，OpenAI 还宣称其第三季度的总运行率增长了 77%，同期企业业务的运行率增长了 107%。

Nvidia shares fell 3%, Oracle shares fell nearly 6% and CoreWeave shares slipped nearly 8% on Thursday. Additionally, Advanced Micro Devices fell 4%, Broadcom fell 4%, Intel fell 5% and Super Micro Computer fell nearly 5%.

周四，英伟达股价下跌 3%，甲骨文股价下跌近 6%，CoreWeave 股价下跌近 8%。此外，超威半导体 (AMD) 下跌 4%，博通 (Broadcom) 下跌 4%，英特尔 (Intel) 下跌 5%，超微电脑 (Super Micro Computer) 下跌近 5%。

OpenAI is under pressure to justify its $852 billion valuation to investors as it gears up for what is widely expected to be a blockbuster IPO. OpenAI confidentially filed its prospectus with regulators in June, and executives have signaled that the company is eyeing a 2027 debut.

OpenAI 正面临向投资者证明其 8520 亿美元估值的压力，因为它正在为一场被广泛预期为重磅的首次公开募股 (IPO) 做准备。OpenAI 于 6 月向监管机构秘密提交了招股说明书，高管们已暗示公司计划在 2027 年上市。

Anthropic is also readying for a major IPO. The company has not officially disclosed when it plans to debut, but it’s been engaging in meetings with prospective investors and is reportedly seeking a $2 trillion valuation. In August, Anthropic told investors that its annualized revenue run rate hit $65 billion at the end of July.

Anthropic 也在为大型 IPO 做准备。该公司尚未正式披露其上市计划时间，但据报道，它一直在与潜在投资者会面，并寻求 2 万亿美元的估值。8 月，Anthropic 告知投资者，截至 7 月底，其年化收入运行率已达到 650 亿美元。

In a report on Tuesday, independent financial research provider New Constructs called Anthropic’s upcoming offering the “most ridiculous IPO of 2026,” and valued the company at a mere $150 billion. Anthropic’s revenue in 2025 was $4.6 billion as the company racked up a net loss of $42 billion, according to Reuters, which cited a leaked copy of the company’s prospectus.

在周二的一份报告中，独立金融研究机构 New Constructs 将 Anthropic 即将进行的发行称为“2026 年最荒谬的 IPO”，并将该公司估值仅定为 1500 亿美元。据路透社援引一份泄露的公司招股说明书副本显示，Anthropic 2025 年的收入为 46 亿美元，而公司净亏损高达 420 亿美元。

Both Anthropic and OpenAI have been at the center of a fierce debate over AI safety, after a growing chorus of researchers warned that the companies’ models could potentially cause catastrophic harm. OpenAI has disclosed several incidents where its models behaved in unintended ways, and the company recently pulled its plans to launch GPT-6.1 Astra, saying the model did not meet its safety standards.

在越来越多的研究人员警告称这些公司的模型可能造成灾难性危害后，Anthropic 和 OpenAI 都处于关于人工智能安全激烈辩论的中心。OpenAI 曾披露过几起其模型出现非预期行为的事件，该公司最近取消了发布 GPT-6.1 Astra 的计划，称该模型未达到其安全标准。

OpenAI CEO Sam Altman said in September that “right now would be an ill-advised moment to go public,” in part because of the ongoing concerns around safety.

OpenAI 首席执行官萨姆·奥特曼 (Sam Altman) 在 9 月表示，“现在上市并非明智之举”，部分原因是围绕安全的持续担忧。

As OpenAI bides its time, the company is engaging in early stage discussions with investors about a potential new funding round. The company could raise around $30 billion, CNBC previously reported, but that figure could change. The round is being driven by investor demand and no term sheet has been finalized yet.

在 OpenAI 等待时机的同时，该公司正在与投资者就潜在的新一轮融资进行早期讨论。据 CNBC 此前报道，该公司可能筹集约 300 亿美元，但这一数字可能会发生变化。此轮融资由投资者需求驱动，目前尚未敲定任何条款清单。

OpenAI closed a historic $122 billion funding round in March, and CFO Sarah Friar told CNBC last week that it is still “very well capitalized.”

OpenAI 在 3 月完成了 1220 亿美元的历史性融资，首席财务官莎拉·弗莱尔 (Sarah Friar) 上周告诉 CNBC，公司目前仍然“资本非常充足”。

WATCH: OpenAI annualized revenues $20 billion less than previously signaled: Report

观看：报道称 OpenAI 年化收入比此前预期的少 200 亿美元