Shares of Nvidia and Micron Technology are set to rise Friday morning after OpenAI told investors it expects its annualized revenue to reach or exceed $70 billion by the end of 2026, according to Bloomberg. The projection follows a day of selling in chip stocks tied to the AI buildout.
OpenAI shared the figures as part of discussions around a new fundraising effort, Bloomberg reported, citing people familiar with the matter who requested anonymity. The company declined to comment to Bloomberg. OpenAI's enterprise segment is the primary engine behind the projected growth.
The company also highlighted 77% total run rate growth during its third quarter and 107% run rate growth in its enterprise segment over the same period, according to Bloomberg.
The fresh projection appears to have given investors a clearer picture of OpenAI's financial trajectory. Shares of Nvidia, Oracle, and CoreWeave fell Thursday, and the Nasdaq 100 dropped 1.4%, after OpenAI's annualized revenue figure of approximately $50 billion as of late September became public — a number that fell short of the widely cited $68 billion figure that had been circulating among investors.
The discrepancy between the two figures did not reflect lost sales. OpenAI and rival Anthropic PBC calculate annualized revenue differently: Anthropic tallies the full gross value of sales made through cloud partners such as Amazon.com, while OpenAI books only its own share of proceeds from arrangements with partners including Microsoft. The $68 billion figure had originated from investors applying Anthropic's methodology to OpenAI's numbers, which then fed into reports citing figures of roughly $68 billion to $70 billion. Anthropic's annualized revenue reached $65 billion at the end of July.
OpenAI is seeking to raise around $30 billion in a new funding round, with no term sheet finalized, according to Bloomberg. The company has been negotiating a deal at a pre-money valuation of $1.4 trillion and has held talks with investment funds from the United Arab Emirates, including Abu Dhabi-based MGX. Its most recent prior raise was a $122 billion round that closed in March, which valued OpenAI at $852 billion when the fresh capital was counted.
OpenAI has delayed its initial public offering to at least next year. The company filed its prospectus with regulators in June, and Chief Executive Officer Sam Altman has ruled out a 2026 listing.