OpenAI's latest disclosure put its September revenue run rate near $50 billion, below the nearly $70 billion previously indicated. Anthropic reported higher sales. Oracle and CoreWeave fell sharply.
OpenAI's latest revenue report came in below the figure it had given investors. It also put renewed focus on its rivalry with Anthropic and the suppliers that depend on its spending.
OpenAI told investors its annualized revenue for September was almost $50 billion, according to a person familiar with the matter who spoke on condition of anonymity. At a separate event, the company had previously indicated a revenue run rate for that month approaching $70 billion.
The person said the gap mainly stemmed from an effort to compare OpenAI's figures with Anthropic's. OpenAI leaves out sales through cloud partners that Anthropic counts. That makes the totals hard to compare. The report did not fully explain the gap between OpenAI's two figures. OpenAI did not respond to a request for comment.
Anthropic reported higher revenue than OpenAI for the first time in the second quarter: $11.5 billion against $6.7 billion. Its annualized revenue crossed $65 billion in July. Sources previously said it was set to reach $100 billion by year-end. That last figure is a forecast.
Anthropic pays cloud partners about 16% of each dollar earned through them. Those sales accounted for half its revenue last year.
Annualized revenue is a run-rate measure, often calculated by multiplying a single month's revenue by 12. It is not the same as revenue recognized over a full year and can give a misleading picture of sustainable sales.
An account of OpenAI's investor presentation cited 77% growth in its total revenue run rate during the third quarter. Its enterprise business grew 107%. A separate overnight report said OpenAI expects to reach or exceed $70 billion in annualized revenue by year-end, driven largely by enterprise growth.
The disclosed exposure
CoreWeave, the AI cloud provider, has put numbers on its ties to OpenAI in its own filings. Its contracts total "up to approximately $22.4 billion," including an order form under which OpenAI committed to pay up to about $6.5 billion through May 31, 2031. The filing makes those payments subject to termination and to delivery and service-availability requirements. At Thursday's close, CoreWeave's market value was about $44.5 billion, so the contracts equal roughly half of it. Contract value is a multiyear ceiling, not annual revenue.
Oracle's link is confirmed by OpenAI, which said in July 2025 that the two companies had agreed to develop 4.5 gigawatts of additional Stargate data-center capacity in the U.S. No dollar value for that agreement has been disclosed by either company.
What the tape shows
Oracle and CoreWeave both closed sharply lower on Thursday, but at different points in the day.
Oracle was down about 1.1% at the end of the 12:15 p.m. bar, then broke lower in the next 15 minutes, touching $137.40 and later $134.66. It closed at $135.56, down 5.6%, a loss of about $23 billion of market value. Most of that decline came after the report circulated. Over the same span the Invesco QQQ fund fell about 0.9%, leaving Oracle roughly 3.7 percentage points worse than the Nasdaq-100.
CoreWeave tells a different story. It had already fallen 4.7% by 12:15 p.m. and finished down 7.8%, so about 60% of its decline came before the report.
The rest of the group fell too: Nebius 7.4%, Broadcom 4.4%, AMD 3.9% and Nvidia 2.9%.
Friday morning
Early Friday, Oracle traded at $137.34, up 1.3%, and CoreWeave at $83.44, up 2.3%, in thin trading. Nasdaq-100 futures were up about 0.9%.
Two interpretations
One reading is that accounting differences explain much of the gap. On that view, the lower figure does not signal a sudden drop in OpenAI's business. Its reported growth and year-end outlook support that reading.
A second reading is that investors learned something about concentration. Two separate reports put the customer behind the largest AI-infrastructure commitments at about $50 billion of annualized revenue, CoreWeave's contracts with that customer equal half its market value, and those contracts can be terminated.
The next disclosures
Oracle's next quarterly report could show how much of its backlog depends on OpenAI. That would put a number on its exposure. How Oracle trades against the Nasdaq-100 over the next few sessions will show whether Thursday's gap persists.