---

原文標題： 請勿刪減或自創標題，違者4-1處分，此行請刪除
OpenAI annualised revenues $20bn less than previously signalled
原文連結： 網址超過一行，請用縮網址，連結不能點擊者板規 1-2-2 處分。
https://reurl.cc/NOgK5Q
發布時間： 請勿張貼超過3天新聞
2026-10-9
記者署名：
George Hammond and Stephen Morris
原文內容：

OpenAI’s annualised revenue is about $20bn less than has been previously
signalled, according to financial documents shared with investors, a massive
gap likely to damp optimism about the growth of AI demand.

The company has recently told investors its revenues were approaching $50bn
on an annualised basis at the end of September, far short of the $70bn
reported by the FT and other media outlets late last month based on
information that was provided to investors.

The metric, along with the equivalent figure for OpenAI rival Anthropic, is
the most important indicator of overall demand for AI and underpins vast
infrastructure spending and the growth of public equity markets.

According to a person with knowledge of the matter, the discrepancy arose
from attempts by OpenAI’s own investors to produce a direct comparison with
Anthropic’s annualised revenues. The pair calculate the figure in different
ways, with Anthropic including the revenue from sales via cloud partners such
as AWS and Google Cloud, while OpenAI does not.

Efforts to “gross up” OpenAI’s annualised revenue led to reports that the
group’s annualised revenue had hit $40bn in August. The company has since
told investors its revenues have grown more than 70 per cent, leading to the
$70bn figure.

根據 OpenAI 向投資人提供的財務文件，該公司的年化營收比先前對外透露的數字低了
約 200 億美元。如此巨大的差距，可能削弱市場對人工智慧需求成長的樂觀預期。
OpenAI 最近向投資人表示，截至 9 月底，1;32c公司的年化營收正接近 500 億美元，遠低於
《金融時報》及其他媒體上月底根據提供給投資人的資訊所報導的 700 億美元。



根據一名知情人士透露，這次數據出現落差，源於 OpenAI 的投資人試圖將其年化營收
與 Anthropic 進行直接比較。

問題在於，兩家公司的營收計算方式不同。

Anthropic 會將透過 AWS、Google Cloud 等雲端合作夥伴銷售所產生的營收納入計算，
而 OpenAI 則不會。

先前，投資人為了讓兩家公司的數據具有可比性，曾嘗試將 OpenAI 的年化營收調整為包
含更多銷售收入的「總額基礎」（Gross Up）。

這項調整導致市場在 8 月出現 OpenAI 年化營收已達 400 億美元的報導。
此後，OpenAI 又向投資人表示，公司營收已成長超過 70%，最終促成了市場流傳的 700
億美元數字。


心得/評論：


OpenAI年化營收比先前對外透露的數字低了約200億美元
消息一出 米股帶著夜盤一起崩
鳩竟市場是不是高估了AI需求規模？
讓我們繼續看下去


----
※ 發信站: 批踢踢實業坊(ptt.cc), 來自: 125.227.164.241 (臺灣)
※ 作者: DrowningPool 2026-10-09 01:01:59
※ 文章代碼(AID): #1gnyo9Fo (Stock)
※ 文章網址: https://www.ptt.cc/bbs/Stock/M.1791478921.A.3F2.html