OpenAI and Anthropic's Revenue Reporting Discrepancies Create Investor Confusion

OpenAI's annualized revenue run rate reached approximately $50 billion by late September 2026, according to the Financial Times. This figure has sparked confusion among investors who had anticipated a much higher estimate of $70 billion. The discrepancy arises not from any fraudulent practices, but from the distinct accounting methods employed by OpenAI and its competitor, Anthropic.

Both companies generate revenue through direct sales of their AI models and through partnerships with cloud platforms like Microsoft Azure and Google Cloud. The core issue lies in whether to report gross revenue—the total amount paid by customers—or net revenue, which reflects only what the company retains after paying its partners. This choice can significantly impact reported revenue figures, with estimates suggesting a potential $8 billion difference based solely on this accounting method.

While Anthropic reported a $65 billion annualized revenue run rate in July 2026, OpenAI's figure of around $50 billion has raised questions about its market position, especially as both companies prepare for potential IPOs. Investors have been attempting to reconcile these numbers by applying Anthropic's accounting approach to OpenAI, leading to the inflated $70 billion estimate.

Despite the confusion, both companies are compliant with Generally Accepted Accounting Principles (GAAP). The differing interpretations of revenue recognition stem from how each company views control over customer relationships during sales made through partners.

As the AI sector continues to evolve, the implications of these accounting choices are significant for investors. OpenAI's recent announcement of a 77% overall run-rate growth and a 107% increase in enterprise revenue suggests strong momentum, yet the ongoing debate over revenue reporting methods complicates the landscape. Investors are advised to clarify whether figures are reported on a gross or net basis when comparing companies in this rapidly growing industry.