🦔The Financial Times reports OpenAI told investors its annualized revenue was approaching $50 billion in September. Last week a source told Axios and Reuters the figure was nearing $70 billion, and that number ran everywhere. My Take Annualized revenue sounds official, but it usually means one month of sales multiplied by 12. Pick a hot month and the number can look a lot bigger than what the company actually brings in over a year. None of it gets audited either, because OpenAI is still private. So a $20 billion difference floated around for a week while OpenAI reportedly talked with investors about a $1.4 trillion valuation. I think the private AI labs have gotten too comfortable grading their own homework. Anthropic quotes a profit that leaves out big costs, and now the number OpenAI gave its own investors comes in $20 billion under the one that ran in the press. Both have filed to go public. Once they do, they have to report audited numbers every quarter, and I expect the first few to look a lot less impressive than the leaks. Hedgie🤗