OpenAI's annualized revenue came in at approximately $50 billion, significantly below the $68 billion investors had anticipated. The shortfall triggered immediate losses across major chip and software stocks: Nvidia dropped 3%, Oracle fell nearly 6%, AMD declined 4%, and Intel lost 5%.
The gap stems from how revenue was previously calculated. The higher $68 billion figure had included gross revenue from OpenAI's partner companies, whereas the newly reported $50 billion reflects OpenAI's direct revenue only. This distinction matters as the company prepares for its planned 2027 IPO while carrying a $852 billion valuation.
The miss underscores growing investor scrutiny around OpenAI's financial performance and whether its current valuation is justified ahead of going public. The company now faces pressure to demonstrate sustainable growth trajectories that align with market expectations.