OpenAI projected to bring in $20bn less in revenue than expected

OpenAI has revealed that it is making about $20bn less in projected revenue than it had recently indicated to investors, raising questions about the break-neck growth rate in demand for AI.

The ChatGPT-maker company has told investors that its revenues for this year would reach $50bn (£37bn), a projection based on sales up to the end of September.

However, this is significantly less than the $70bn that it had signalled in information provided to investors last month, which was widely reported.

Forecasts of annualised revenues by the leading artificial intelligence players, including by OpenAI’s rival Anthropic, the maker of Claude, are closely watched by markets as an indicator of overall demand for a technology that is attracting huge investment.

OpenAI is in early-stage talks to raise $30bn in a funding round that values the business at about $1.4tn.

News of the $20bn gap buffeted US tech stocks on Thursday, with the tech-led Nasdaq closing down by 1.4%. Chip giant Nvidia fell 2.9%, Oracle was down 5.5% and Micron declined 4.8%.

The discrepancy arose from attempts by OpenAI investors to provide a more direct comparison with how projected revenue is measured by Anthropic, which hit $65bn in forecast revenue by the end of July.