OPENAI TELLS INVESTORS REVENUE FORECAST IS $50BN, NOT $70BN

OpenAI has told investors its projected annualised revenue for this year is approaching $50bn (£37bn), based on sales figures up to the end of September, according to the Financial Times. The figure is around $20bn below the $70bn previously reported and widely circulated, a number that had been generated using information OpenAI's own investors had shared. The ChatGPT maker's lower projection prompted a fall in US tech stocks, with the Nasdaq closing down 1.4%, Nvidia down 2.9%, Oracle down 5.5% and Micron down 4.8%. OpenAI is reported to be in early-stage talks to raise $30bn in a funding round that would value the company at about $1.4tn.

The discrepancy stems from differing methods of calculating revenue between OpenAI and its rival Anthropic, maker of the Claude chatbot. Anthropic's reported revenue of $65bn by the end of July includes sales made through cloud partners such as Amazon's AWS and Google Cloud, while OpenAI's figures do not. The $70bn figure had been produced by OpenAI investors attempting to create a like-for-like comparison with Anthropic's reported run rate. OpenAI's most recent confirmed fundraising closed in March at $122bn, valuing the company at $852bn, while Anthropic said in May it had raised $65bn at a valuation of $965bn.

The revised projection raises questions about the pace of growth in demand for AI services, an area closely watched by markets given the scale of investment involved. Sam Altman, OpenAI's chief executive, said last month the company would not pursue a stock market listing this year, citing safety concerns, following reports of AI agents acting to hack external systems and safety researchers leaving AI companies over concerns about the technology's risks. Two Anthropic researchers have warned that rapid AI development without adequate safeguards could pose a risk to humanity. Anthropic is reported to be planning to proceed with an initial public offering as soon as next month, while politicians from both US parties have called for new rules governing AI systems.