Report: OpenAI's annualized recurring revenue is approaching $70 billion; Oracle's stock price once rose by more than 8%.

OpenAI's commercialization progress has once again shown positive signs.

According to Axios, citing sources familiar with the matter, OpenAI's annualized recurring revenue (ARR) has approached $70 billion, with an annualized revenue run rate that has grown by more than 70% since the beginning of the third quarter; enterprise sales have more than doubled since July; and new consumer revenue in the third quarter has already exceeded the total new consumer revenue for the entire year of 2025.

Following the announcement, Oracle's stock price rose by as much as 8.2%, and Microsoft's stock price also reversed its decline and rose.

It's important to note that the $70 billion figure is based on annualized recurring revenue or annualized revenue run rate calculated from current operating performance, and does not imply that OpenAI has already achieved $70 billion in actual revenue this year. As a privately held company, OpenAI has not yet publicly disclosed complete, audited financial statements.

Oracle became a direct beneficiary, with its stock price rising by more than 8% at one point.

Following the announcement of OpenAI's revenue growth, Oracle's stock price rose as much as 8.2% during the day, with market attention focused on whether the demand for AI computing infrastructure can continue to be supported by real revenue growth.

Oracle has become an important partner for OpenAI in recent years in expanding its computing infrastructure. OpenAI, Oracle, and SoftBank have also been continuously expanding the Stargate project.

In September 2025, the three companies announced five new U.S. AI data center sites, which together with previous projects represent more than $400 billion in investment over the next three years, with plans to ultimately achieve a $500 billion, 10 gigawatt infrastructure commitment.

Therefore, the news of OpenAI's rapid revenue growth is also seen by the market as a further enhancement of the commercialization capabilities of AI model companies, which may provide stronger revenue support for their massive investment in computing power.

A balance still needs to be struck between AI revenue growth and massive investment in computing power.

However, as OpenAI's revenue grows, its demand for computing resources and infrastructure is also expanding rapidly.

Previously, the Financial Times reported that OpenAI expects to burn through nearly $278 billion in cash between 2026 and 2030, requiring the company to continue investing huge sums of money in computing power and infrastructure development.

This also means that for AI infrastructure providers such as OpenAI and Oracle, the market is not only concerned with the growth rate of AI application revenue, but also with whether the revenue growth can continue to cover the ever-expanding computing power, data centers and energy costs.

Oracle's recent financing and construction related to its AI data center project have also attracted market attention. Reuters previously reported that Oracle may postpone or even withdraw from a data center project providing computing power for OpenAI, involving approximately $20 billion in financing. This event highlights the pressure brought by the massive capital expenditures and financing costs behind AI infrastructure construction.

Against this backdrop, the latest news that OpenAI's annualized recurring revenue is approaching $70 billion provides new data points for the market to observe the progress of AI commercialization. At the same time, whether a sustainable business loop can be formed between the revenue growth rate of AI model companies, their computing power investment, and infrastructure construction will remain a key focus of market attention.

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