OpenAI's ARR figure is $20 billion below reported levels amid revenue math confusion

The Financial Times reported that OpenAI's annualized revenue run-rate was $20 billion below a widely cited $70 billion figure, a gap the newsletter attributes to confusion between gross and net revenue.

OpenAI has said its figure is net, while Anthropic's includes partner sales such as those made through Amazon and Microsoft. Bloomberg reported that OpenAI expects to reach $70 billion annualized revenue by year end, assuming a net basis.