OpenAI’s reported annualized revenue figure is about $50 billion—not $70 billion—in Axios’s October 8, 2026 report. Axios described the earlier $70 billion figure as a grossed-up estimate intended to make a comparison with Anthropic more direct, not as a replacement audited revenue result. The difference reflects, in part, how the companies present certain sales through cloud partners: Anthropic counts the full customer payment as revenue and records the partner’s share as an expense, while OpenAI records only its share of certain partner sales. Those figures are dated estimates, not equivalent measures of audited annual revenue.
Why did OpenAI’s reported figure shift from $70 billion to $50 billion?
Axios reported on October 8, 2026, that OpenAI’s annualized revenue was about $50 billion. The outlet said the previously reported figure of about $70 billion was an effort to gross up OpenAI’s revenue for a more direct comparison with Anthropic’s presentation. The two numbers describe different accounting presentations; Axios did not publish an audited reconciliation establishing the precise bridge between them. Axios, October 8, 2026
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In this context, “gross up” means presenting certain partner-channel sales at the full amount paid by customers rather than only the portion retained by OpenAI. It changes the top-line presentation of those sales, not the underlying amount customers paid or the share retained by the provider.
How do Anthropic and OpenAI account for cloud-partner sales?
Axios’s explanation is that Anthropic reports the full customer payment for some cloud-partner sales as revenue, then records the cloud provider’s share as an expense. OpenAI reports only its own share of certain partner sales as revenue. The distinction is gross versus net presentation.
That treatment can affect reported revenue even when the customer payment and the provider’s economics are otherwise the same. Both companies were described by Axios as GAAP-compliant, but compliance with the same accounting standards does not require identical judgments for every transaction.
Why principal-versus-agent judgments matter
Whether a company reports a sale gross or net depends on transaction facts, including whether it controls the customer relationship and who is responsible for delivering the service. These principal-versus-agent assessments depend on contracts and circumstances. Without the relevant agreements and accounting analyses, a headline figure alone cannot show that either company’s treatment is wrong. Axios’s September 2026 explainer
What do the reported revenue figures measure?
Run-rate and annualized revenue figures extrapolate a recent pace. They are not the same as revenue earned and booked over a completed year, and they can reflect a short measurement window. A preliminary quarterly figure, by contrast, refers to a specific period but may still be subject to revision.
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| Figure | What it describes | Source and qualification |
|---|---|---|
| About $50 billion | OpenAI annualized revenue | Reported by Axios on October 8, 2026; not a public audited reconciliation. Axios |
| About $70 billion | OpenAI figure grossed up for comparison with Anthropic | Previously reported figure described by Axios on October 8, 2026 as a comparison-oriented gross-up, not a replacement audited revenue result. Axios |
| Above $65 billion | Anthropic annualized revenue | Axios’s September 2026 reporting; not directly comparable to OpenAI’s figure without matching definitions. Axios |
| More than $11.5 billion | Anthropic preliminary second-quarter 2026 revenue | Reported by Axios in August 2026, citing Bloomberg documents; preliminary, and not the same measure as a July run rate. Axios |
| Above $65 billion | Anthropic July 2026 run rate | Reported by Axios in August 2026, citing Bloomberg documents; a projection from a short period, not second-quarter revenue or audited full-year revenue. Axios |
| $14 billion | Anthropic current run rate at the time of its Series G announcement | Company-reported in 2026; a dated run-rate figure, not audited annual revenue. Anthropic Series G announcement |
Why don’t the figures establish which company is larger?
The reported numbers do not provide a complete, like-for-like comparison. In September 2026, Axios cited annualized revenue above $65 billion for Anthropic and above $40 billion for OpenAI, while cautioning that the figures were not apples to apples. It reported an estimate from an unnamed source familiar with Anthropic’s finances that net presentation might reduce Anthropic’s figure by about 6%–10%. That is an attributed estimate, not a verified adjustment or a full reconciliation. Axios also said accounting could not explain the entire reported $25 billion difference based on the information then available. Axios, September 2026
Several measures would need to line up before drawing a dependable comparison:
- Period: Compare revenue booked in the same completed period, or clearly identify each run-rate measurement date and window.
- Presentation: Determine whether partner-channel sales are reported gross or net and how provider shares are accounted for.
- Scope: Establish which sales channels and revenue streams each figure includes.
- Financial outcome: Keep revenue separate from expenses, cash flow, and profit. A larger top line does not establish profitability or lower cash needs.
The available reporting does not provide a full company-to-company reconciliation across those dimensions. The underlying contracts, accounting memoranda, current-period audited financial statements, and SEC correspondence were not available in the cited material.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What should investors take from the headlines?
For investors, the useful distinction is between a reported top-line estimate and a comparable measure of financial performance. Treat each run-rate figure as a dated snapshot, identify whether it is gross or net of partner sales, and avoid reading it as a completed year’s revenue. The reported figures do not, on their own, establish which company has higher profit, stronger cash generation, or a particular valuation.
