OpenAI Misses Revenue Targets, Raising Concerns About Future Infrastructure Costs Ahead of IPO
Key Takeaways
- ▸OpenAI missed internal goals of 1 billion weekly active ChatGPT users by end of 2025 and multiple monthly revenue targets, with market share losses to Anthropic
- ▸CFO Sarah Friar warned executives that OpenAI may be unable to fund future computing infrastructure contracts without accelerated revenue growth
- ▸Stock prices of major OpenAI investors tumbled following the report, with SoftBank down 11.9%, Oracle down 6.5%, and Broadcom down 4%
Summary
OpenAI missed internal revenue and user growth projections, according to the Wall Street Journal, causing shares of the company's major investors and partners—including Nvidia, Microsoft, Oracle, and SoftBank—to decline sharply on Tuesday. The AI giant fell short of its goal to reach one billion weekly active users for ChatGPT by the end of 2025 and missed several monthly revenue targets earlier this year, losing market share to rival Anthropic. CFO Sarah Friar reportedly disclosed to executives that OpenAI may be unable to fund future computing infrastructure contracts if revenue growth fails to accelerate, and expressed caution about the company's planned IPO by year-end, warning it may not meet public company reporting standards. OpenAI disputed the Journal's reporting, with company spokesperson Steve Sharpe calling it "clickbait" and asserting the company's business is "firing on all cylinders" with strong consumer and enterprise momentum.
- CFO expressed concerns about meeting public company reporting standards for a 2026 IPO, conflicting with CEO Sam Altman's aggressive timeline
- OpenAI denied the report as clickbait and countered that its consumer and enterprise segments are performing strongly
