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AI OpenAI营收故事缩水200亿美元？市场误读背后是会计口径差异
周四，OpenAI的营收叙事出现了约200亿美元的“缩水”。据《金融时报》报道，截至9月底，这家ChatGPT制造商的年营收率已接近500亿美元。这一数字远低于此前向投资者传达的预期水平。随后，路透社援引知情人士的话证实了这约500亿美元的规模。OpenAI此前曾暗示其营收运行率接近700亿美元，这在初期被市场解读为公司增长前景的大幅下调。
这一消息迅速波及与人工智能相关的市场。在Liquid平台上，OpenAI现金结算的IPO前永久合约价格从约1,725美元跌至1,600美元以下，随后有所回升。该合约提供的是对私有持股公司OpenAI的价格敞口，而非实际股份的所有权。抛售情绪也蔓延至公开交易的科技股，投资者开始质疑巨额AI基础设施支出所带来的回报。纳斯达克100指数期货随后收复了部分失地。
分析师指出：并非突然流失收入，而是会计比较问题
然而，这看似200亿美元的差距，越来越被视为一种会计比较上的错位，而非收入的突然断崖式下跌。CNBC主持人吉姆·克莱默（Jim Cramer）最初对市场解读提出反驳，他指出OpenAI和Anthropic的报告方式不同，两者数据不具备直接可比性。
Cramer wrote on Platform X (formerly Twitter):"OpenAI reports revenue differently than Anthropic. These two numbers are not 'apples are better than apples.'" This is why he questioned the Financial Times 'reporting framework. The early $70 billion figure actually puts OpenAI on a gross revenue comparable to Anthropic; while the approximately $50 billion figure published by OpenAI itself is reported based on a different Net Revenue scale. Reuters pointed out that the difference mainly stems from efforts to compare the two companies using the same methodology.
This view was further supported on Friday as Bloomberg reported that OpenAI still expects annual revenue to reach or exceed US$70 billion by the end of 2026, driven mainly by corporate business. Cramer later described the incident as an "innocent mistake" in confusing total and net revenue, and stressed that it was not evidence that OpenAI suddenly lost $20 billion in annual sales.
Market reaction: rebound after clarification
After the clarification, OpenAI-related markets rebounded quickly. As of press time, the trading price of OpenAI options contracts on the Liquid platform was approximately US$1,692.60, after falling to a low of US$1,591.80 in 24 hours.
