OpenAI’s annualised revenue was close to US$50 billion as of the end of September, about US$20 billion below the US$70 billion expectation previously conveyed to investors, the Financial Times reported. The gap stems from earlier figures counting gross revenue from partnerships with companies such as Nvidia. CNBC, citing a person familiar with the matter, said the previously reported US$68 billion figure used the same approach.

US stocks rebounded on Friday, ending a volatile week higher as oil prices fell. Brent crude dropped 2.1% to US$104.32 a barrel and WTI slid 2.3% to US$92.41 as investors bet a possible US-Iran agreement could ease fears of supply disruption at the Strait of Hormuz. Earlier concerns about Houthi strikes on Saudi Red Sea infrastructure and the risk of a strait blockade had lifted inflation expectations and pushed bond yields higher.

Anthropic is expected to go public later this year at a valuation of about US$2 trillion, and could file with the SEC as early as this month. That would put it ahead of OpenAI, whose CEO has said the company plans to delay an IPO until 2027. OpenAI is also in talks with investors to raise a new funding round at a valuation of at least US$1.2 trillion.