OpenAI's latest revenue data raises market concerns; AI-related stocks fall broadly; NVIDIA (NVDA.US) drops nearly 3%

According to Zhitong Finance APP, with OpenAI’s latest financial data coming to light, the market is once again questioning the relationship between revenue growth in the artificial intelligence (AI) industry and enormous capital expenditures. On Thursday, US AI concept stocks generally declined. Core companies in the AI supply chain such as Nvidia (NVDA.US), Oracle (ORCL.US), and CoreWeave (CRWV.US) saw their share prices come under pressure, as investors began to reassess the commercialization progress of the AI industry and the valuation levels of related enterprises.

Media reports indicate that OpenAI recently disclosed to investors that, as of the end of September, its annualized revenue scale was approximately $50 billion, lower than the widely reported $68 billion at the end of the previous month. Sources explained that the earlier reported $68 billion included some gross revenue generated by OpenAI’s partners, whereas the $50 billion figure reflects a different revenue accounting standard. This distinction helps investors compare the business scale of OpenAI and its main competitor Anthropic more directly. It should be noted that the $50 billion is not the actual revenue realized by OpenAI in the past 12 months, but rather an annualized revenue estimate based on current revenue levels.

Despite the latest disclosure being lower than previously widely circulated figures, OpenAI’s business remains in rapid growth. According to sources, OpenAI stated in financial materials shown to investors that its overall annualized revenue run rate grew 77% in the third quarter, with the annualized revenue run rate of enterprise business growing by 107%, indicating that enterprise client demand continues to be a key driver of company growth.

However, the adjustment of revenue data still puts pressure on AI-related stocks. On Thursday, Nvidia’s stock price fell by about 3%, Oracle declined more than 5%, and AI cloud computing service provider CoreWeave dropped over 7%. Meanwhile, AMD (AMD.US) and Broadcom (AVGO.US) both fell over 3%, while Intel (INTC.US) and Super Micro Computer (SMCI.US) dropped more than 4%.

This sell-off highlights the sensitivity of the market to growth expectations within the AI supply chain. In recent years, technology companies have invested massive amounts in building AI data centers, procuring high-performance chips, and expanding computing power supply. The revenue growth of AI model developers like OpenAI is seen as a key indicator of whether these investments will deliver enough returns.

For OpenAI, the latest revenue data has also brought renewed focus to its substantial $852 billion valuation. As the company prepares for its highly anticipated initial public offering (IPO), investors are closely evaluating whether OpenAI’s revenue growth rate can support such an enormous valuation. It is reported that OpenAI secretly filed listing documents with regulators in June this year, and company executives previously disclosed considerations of going public in 2027. However, the specific timing of the IPO has not yet been determined.

Meanwhile, OpenAI’s main competitor Anthropic is also preparing for an IPO. The company has yet to officially announce a listing date but has begun engaging with potential investors, reportedly seeking a valuation of up to $2 trillion.

In terms of revenue growth, Anthropic previously told investors that as of the end of July this year, its annualized revenue run rate had reached $65 billion, surpassing OpenAI’s recently disclosed $50 billion. However, as the two companies may have differences in revenue structure and accounting methods, these figures need to be compared with specific standards in mind.

As the potential valuations of both AI companies continue to soar, market disagreements over their IPO pricing have also become more pronounced.

Independent financial research firm New Constructs strongly challenged Anthropic’s potential IPO valuation in a report published on Tuesday, even calling it “the most ridiculous IPO of 2026,” and believes the company’s reasonable valuation is only about $150 billion—far lower than the market’s rumored $2 trillion target.

According to media citing a leaked Anthropic prospectus, the company’s revenue for 2025 is projected at $4.6 billion, but over the same period, its net loss could reach as high as $42 billion. The huge loss underscores that while AI model developers are achieving rapid revenue growth, they still have to bear extremely high R&D and operational costs.

In addition to financial performance, AI safety issues have become a significant factor impacting the IPO prospects of both OpenAI and Anthropic. As researchers continue to warn of severe security risks posed by advanced AI models, both companies’ technology development and safety management are under increasing scrutiny.

OpenAI has previously disclosed several instances of unexpected AI model behavior and recently canceled the planned launch of the GPT-6.1 Astra model, citing the product's failure to meet the company’s safety standards. CEO Sam Altman stated in September that, given ongoing concerns around AI safety, now is not the right time for the company to go public.

While waiting for the right moment to go public, OpenAI is still exploring new funding opportunities. According to earlier reports, the company is in the early stages of discussing a new round of fundraising with investors, with a potential fundraising scale of up to $30 billion. However, the amount may still change, as formal investment terms have yet to be finalized.

Sources indicate that the discussions in this round of fundraising are mainly driven by investor demand. OpenAI just completed a $122 billion round of funding in March this year. Its CFO Sarah Friar said in an interview last week that the company currently still has very ample funds.