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OpenAI annualised revenues $20bn less than previously signalled
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https://reurl.cc/NOgK5Q
发布时间： 请勿张贴超过3天新闻
2026-10-9
记者署名：
George Hammond and Stephen Morris
原文内容：
OpenAI’s annualised revenue is about $20bn less than has been previously
signalled, according to financial documents shared with investors, a massive
gap likely to damp optimism about the growth of AI demand.
The company has recently told investors its revenues were approaching $50bn
on an annualised basis at the end of September, far short of the $70bn
reported by the FT and other media outlets late last month based on
information that was provided to investors.
The metric, along with the equivalent figure for OpenAI rival Anthropic, is
the most important indicator of overall demand for AI and underpins vast
infrastructure spending and the growth of public equity markets.
According to a person with knowledge of the matter, the discrepancy arose
from attempts by OpenAI’s own investors to produce a direct comparison with
Anthropic’s annualised revenues. The pair calculate the figure in different
ways, with Anthropic including the revenue from sales via cloud partners such
as AWS and Google Cloud, while OpenAI does not.
Efforts to “gross up” OpenAI’s annualised revenue led to reports that the
group’s annualised revenue had hit $40bn in August. The company has since
told investors its revenues have grown more than 70 per cent, leading to the
$70bn figure.
根据 OpenAI 向投资人提供的财务文件，该公司的年化营收比先前对外透露的数字低了
约 200 亿美元。如此巨大的差距，可能削弱市场对人工智能需求成长的乐观预期。
OpenAI 最近向投资人表示，截至 9 月底，1;32c公司的年化营收正接近 500 亿美元，远低于
《金融时报》及其他媒体上月底根据提供给投资人的资讯所报导的 700 亿美元。
年化营收是衡量整体 AI 市场需求最重要的指标之一。OpenAI 及其竞争对手 Anthropic
的这项数据，不仅支撑著科技业庞大的基础设施投资，也影响着公开股票市场的成长预期
。
根据一名知情人士透露，这次数据出现落差，源于 OpenAI 的投资人试图将其年化营收
与 Anthropic 进行直接比较。
问题在于，两家公司的营收计算方式不同。
Anthropic 会将透过 AWS、Google Cloud 等云端合作伙伴销售所产生的营收纳入计算，
而 OpenAI 则不会。
先前，投资人为了让两家公司的数据具有可比性，曾尝试将 OpenAI 的年化营收调整为包
含更多销售收入的“总额基础”（Gross Up）。
这项调整导致市场在 8 月出现 OpenAI 年化营收已达 400 亿美元的报导。
此后，OpenAI 又向投资人表示，公司营收已成长超过 70%，最终促成了市场流传的 700
亿美元数字。
心得/评论：
OpenAI年化营收比先前对外透露的数字低了约200亿美元
消息一出 米股带着夜盘一起崩
鸠竟市场是不是高估了AI需求规模？
让我们继续看下去