AI Infrastructure Stocks Drop After OpenAI Reports $50 Billion Revenue Run Rate

Shares of Nvidia, Oracle, CoreWeave, and other artificial intelligence suppliers declined Thursday following disclosures regarding OpenAI's revenue trajectory, as reported by CNBC Business .

OpenAI informed investors that it reached approximately $50 billion in annualized revenue at the end of September. The metric was first reported by the Financial Times and subsequently confirmed by CNBC. The $50 billion figure comes in below the $68 billion annualized estimate reported late last month. A person familiar with the presentation stated that the earlier $68 billion figure included gross revenue generated through OpenAI's partners, a metric utilized by investors to compare OpenAI against rival Anthropic.

In the investor presentation, OpenAI reported 77% total run-rate growth during its third quarter, alongside 107% run-rate growth in its enterprise segment over the same timeframe, according to the source.

The financial update arrives as OpenAI faces market expectations to support its $852 billion valuation ahead of a planned initial public offering. The company submitted a confidential draft registration with regulators in June, with leadership signaling a target public debut in 2027.

In addition to its public market preparations, OpenAI is in early-stage talks with investors regarding a potential capital raise that could reach approximately $30 billion, though terms remain subject to change and no term sheet has been finalized. The discussions follow a $122 billion funding round completed in March. Speaking to CNBC last week, Chief Financial Officer Sarah Friar said the company remains "very well capitalized."