Shares of major AI-related companies like Nvidia, Oracle, and CoreWeave dropped following a revised revenue report from OpenAI. The market reacted to OpenAI’s updated financial disclosure, which confirmed that the company’s annualized revenue reached about $50 billion by the end of September, a notable decline from the previously circulated $68 billion figure. The higher amount had included gross revenue from OpenAI's partners, a detail that was clarified to help investors better compare OpenAI to competitors like Anthropic.

OpenAI shared this financial update during an investor presentation, revealing that the company experienced a 77% increase in total run rate growth during the third quarter, alongside a 107% growth in its enterprise business run rate. Despite these strong growth indicators, shares of Nvidia fell 3%, Oracle nearly 6%, and CoreWeave almost 8%. Other tech companies heavily involved in AI, including AMD, Broadcom, Intel, and Super Micro Computer, also experienced declines ranging from 4% to 5%.

The adjustment in OpenAI’s revenue figures arrives as the company prepares for a high-profile initial public offering. OpenAI confidentially filed its IPO prospectus in June and aims for a debut in 2027, while competitor Anthropic is also gearing up for its own IPO with a valuation reportedly seeking $2 trillion. Both companies confront investor scrutiny over their financials and the broader implications of AI technology, including ongoing concerns about AI safety and ethical risks.

OpenAI CEO Sam Altman has emphasized caution ahead of the IPO, acknowledging that current conditions make going public premature, partly due to safety concerns. Meanwhile, OpenAI is exploring a new funding round potentially worth $30 billion, driven by investor demand, to maintain its capital strength following a historic $122 billion funding round earlier this year. The company remains well-capitalized as it navigates market uncertainties and regulatory considerations prior to its anticipated market debut.