Sam Altman, CEO of OpenAI, the developer of ChatGPT, speaks at the artificial intelligence company’s developer conference on September 29, 2026.Andrej Sokolow | Image Alliance | Getty Images Shares of Nvidia, Oracle, CoreWeave and other artificial intelligence names sank on Thursday after the market learned more details about OpenAI’s revenue. OpenAI told investors it hit about $50 billion in annualized revenue at the end of September, CNBC confirmed, down from 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 partners, helping investors make a more direct comparison with its main rival, Anthropic. The Financial Times was the first to report the $50 billion figure. OpenAI shared an update on its finances in an investor presentation, said the person, who asked not to be identified to discuss the figures. 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. Nvidia shares fell 3%, Oracle shares fell almost 6% and CoreWeave shares fell almost 8% on Thursday. Additionally, Advanced Micro Devices fell 4%, Broadcom fell 4%, Intel fell 5%, and Super Micro Computer fell almost 5%. OpenAI is under pressure to justify its $852 billion valuation to investors as it prepares for what is expected to be a blockbuster initial public offering. OpenAI confidentially filed its prospectus with regulators in June, and executives have noted that the company is considering a debut in 2027. Anthropic is also preparing for a major initial public offering (IPO). The company has not officially revealed when it plans to debut, but has been participating in meetings with potential investors and is reportedly seeking a valuation of $2 billion. In August, Anthropic told investors that its annualized revenue hit $65 billion at the end of July. In a report Tuesday, independent financial research provider New Constructs called Anthropic’s upcoming offering the “most ridiculous IPO of 2026” and valued the company at just $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. 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 cause catastrophic damage. OpenAI has revealed several incidents in which its models behaved in unwanted ways, and the company recently canceled its plans to launch GPT-6.1 Astra, saying the model did not meet its safety standards. OpenAI CEO Sam Altman said in September that “right now would be an unwise time to go public,” in part because of current concerns around security. As OpenAI bides its time, the company is engaging in early talks with investors about a potential new round of funding. 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 yet been finalized. OpenAI closed a historic $122 billion funding round in March, and Chief Financial Officer Sarah Friar told CNBC last week that it is still “very well capitalized.”
