Nvidia, Oracle and CoreWeave shares dropped on Thursday after CNBC confirmed OpenAI's annualized revenue is lower than a figure widely reported weeks earlier. The gap, tied to how partner revenue was counted, weighed on chip and cloud names as OpenAI prepares for a possible 2027 IPO.
OpenAI's revenue comes in lower than reported
OpenAI told investors it hit roughly $50 billion in annualized revenue at the end of September, CNBC confirmed, below the $68 billion figure that circulated widely last month. A person familiar with the matter said the $68 billion figure included gross revenue from OpenAI's partners, a method meant to make the company more comparable with rival Anthropic. The Financial Times first reported the $50 billion figure.
Still, OpenAI touted 77% total run-rate growth during its third quarter, according to the person, who declined to be named discussing the numbers. The company also reported 107% run-rate growth for its enterprise business over the same period.
Chip and cloud stocks take the hit
Nvidia shares fell 3%, Oracle dropped 6% and CoreWeave slid 8% in intraday trading on Thursday. Advanced Micro Devices and Broadcom each fell 5%, while Intel and Super Micro Computer dropped 6%, as the revenue detail rippled through names tied to AI infrastructure spending.
IPO pressure builds for both labs
OpenAI is under pressure to justify its $852 billion valuation as it prepares for what is widely expected to be a large IPO. The company confidentially filed its prospectus in June and executives have signaled a possible 2027 debut. OpenAI CEO Sam Altman said in September that "right now would be an ill-advised moment to go public," citing ongoing safety concerns.
Anthropic is also readying a major offering and is reportedly seeking a $2 trillion valuation, though it has not disclosed timing. Meanwhile, OpenAI closed a $122 billion funding round in March and is in early discussions about a new round that could raise around $30 billion, though no term sheet has been finalized.
Source: CNBC
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