The $20 billion difference mainly stems from differing calculation methods. OpenAI's investors attempted to directly compare its annualized revenue with that of competitor Anthropic. Anthropic includes sales through partners such as Amazon (US.AMZN) Web Services and Google Cloud in its revenue, whereas OpenAI does not. If OpenAI adopted the same standard, it could achieve a higher valuation.
Despite these accounting differences, OpenAI emphasized that its year-on-year revenue growth during the period still exceeded 70%. According to Quartz citing audit documents, the company's recognized revenue for the full year 2025 was $13.07 billion. Market analysts note that OpenAI and Anthropic's revenue performance is seen as a key indicator of AI demand and will directly affect the scale of related infrastructure investments. (yc)