Is anyone surprised that OpenAI is lying about its revenue numbers? (alternate link)
Sam Altman lying? Say it ain't so!
OpenAI’s annualised revenue is about $20bn less than the company had 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’s rival Anthropic, is the most important indicator of overall demand for AI and underpins vast infrastructure spending and the growth of public equity markets.
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The discrepancy arose from attempts by OpenAI’s investors to produce a direct comparison with Anthropic’s annualised revenues, said a person familiar with the matter. The pair calculate the figure in different ways, with Anthropic including the revenue from sales via cloud partners such as Amazon’s AWS and Google Cloud, while OpenAI does not.
However, the new investor presentation shows close to $30bn annualised revenues in July.
As a private company, OpenAI is not required to regularly disclose its financials publicly. It declined to comment.
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But the gap against investors’ expectations will exacerbate concerns over the trajectory of large, private AI companies whose prospects are central to the US stock market and have helped fuel strong growth in the US economy.
It's ironic that we as taxpayers will be bailing out this rat-f%$#ery.
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