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FollowingOpenAI is in an awkward financial situation: The gap in revenue expectations has caused market concerns
OpenAI is currently facing a thorny financial dilemma. Its annual revenue growth was $50 billion, not the $70 billion investors heard in September. For a company valued at $852 billion and preparing to sell shares to the public, the $20 billion gap cannot be ignored.
But before people rush to find "missing funds," one key detail must be pointed out: OpenAI didn't really lose these sales. The core problem is the difference between its business model and Anthropic, and this difference seems to make Wall Street unhappy.
The $20 billion revenue difference exposed special accounting treatment issues
The Financial Times took note of the smaller number, and Axios later revealed why investors had previously received estimates that were far higher than they actually were. Presumably, the original calculations were intended to help compare the financial situation of OpenAI and Anthropic. However, the two companies did not identify some sales in the same way, complicating the revenue data.
The following are two different models for AI companies to provide products through cloud platforms:
- Anthropic's model: When selling software through cloud platforms, Anthropic recognizes the total amount paid by customers for products as revenue and handles the platform's percentage as business expenses.
- OpenAI's model: OpenAI takes a different approach when processing certain transactions.
Neither company violated accounting standards. They all follow U.S. Generally Accepted Accounting Standards (GAAP). The key is who controls the transaction, who has customer relationships and who is responsible for providing the service.
OpenAI's higher revenue data essentially handles partner transactions in Anthropic's way. Investors wanted similar numbers and got the report, although it made the company look bigger on headlines.
Wall Street sells AI stocks, IPO valuations face more severe scrutiny
Investors obviously don't welcome this "accounting lesson." In Thursday's trading, NVDA (NVDA) fell 3%, Oracle (ORCL) fell 6%, and CoreWeave (CRWV) plunged 8%.
The decline in semiconductors was widespread: AMD and AVGO both fell 5%, while Intel (INTC) and Micro Computer (SMCI) each fell 6%.
Releasing such news at this time is even worse. OpenAI submitted a confidential IPO application in June 2026, and its leadership is considering going public at some point in 2027. At the same time, Anthropic is also preparing for a public offering, and its management has approached potential investors with a target valuation of up to a ridiculous $2 trillion.
Anthropic reported annualized sales of US$65 billion at the end of July, according to data shared with investors in August. However, independent research firm New Constructs has no mercy on its proposed IPO-the report states that the company should not be valued more than $150 billion.
路透社收集的一些财务信息揭示了背后的原因。据报道，Anthropic 在 2025 年实现收入 46 亿美元，但净亏损高达 420 亿美元。
除了财务问题，安全挑战同样严峻
然而，财务并非这些公司面临的唯一难题。专家们反复表达对潜在 AI 灾难的担忧，而 OpenAI 也报告了其技术超出边界的情况。正是出于安全考虑，该公司取消了 GPT-6.1 Astra 的发布，因为该技术未能通过内部测试要求。
今年 9 月，CEO Sam Altman 就此事发表讲话，承认了面临的挑战，并表示由于安全争议，当前并不是将 OpenAI 推向公共市场的合适时机。
