Nvidia, Oracle, CoreWeave and other AI stocks sink on OpenAI revenue report — SkimNews
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- OpenAI reported roughly $50 billion in annualized revenue at the end of September to investors, lower than the $68 billion figure widely reported late last month, which included gross revenue from partners to enable direct comparison with rival Anthropic.
- OpenAI touted 77% total run rate growth in Q3 and 107% run rate growth for its enterprise business during the same period in the investor presentation.
- OpenAI is under pressure to justify its $852 billion valuation ahead of a widely expected 2027 IPO, having confidentially filed its prospectus with regulators in June.
- OpenAI is engaging in early-stage discussions for a potential ~$30 billion new funding round, separate from the $122 billion round it closed in March.
- Nvidia, Oracle, CoreWeave and other AI names sank lower on Thursday after the lower-than-hyped revenue figure became known.
Why it matters: OpenAI must now justify an $852 billion valuation to investors with a revenue figure meaningfully below the $68 billion widely cited in recent coverage, complicating the pitch for a potential ~$30 billion new round—even as CFO Sarah Friar insists the company is 'very well capitalized' after its $122 billion March close.
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