OpenAI's run rate is reportedly $50B, not $68B

What happened: The Financial Times reviewed investor documents showing OpenAI's revenue run rate is about $50 billion, not the $68 billion many assumed; the bigger figure reportedly counted partners' gross revenue. CNBC confirmed through a source. Growth is still 77% a quarter. Oracle fell more than 5% and the Nasdaq dropped 1.4%. No sales were lost; it is a matter of how revenue is counted.
Austin's take: Austin does not see this as a negative signal on the industry's trajectory, but says mismatched expectations cause trouble. He finds it notable that private companies this large move public markets, and hopes OpenAI opens its books more ahead of its projected IPO next year.
Why it matters: Trillions in data center deals, including Oracle's, lean on OpenAI's growth story, so accounting differences can move markets. It also changes the comparison with Anthropic, which was earlier reported to count gross revenue.
What to do: When comparing AI lab revenue figures, check whether they are gross (including partners) or net before drawing conclusions.
Not confirmed yet: The numbers come from investor documents of private companies with no obligation to report publicly; Austin calls some of it rumor and speculation.

The Loop