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OpenAI told investors its annualised revenue was nearing $50bn at the end of September, according to a Financial Times report relayed by Techmeme. That is well below the $70bn figure the report says had been widely reported from investor documents.

The gap matters because annualised revenue is a snapshot of a business’s pace, not the same thing as revenue already earned over a full year. The figures here are attributed to the FT report; they are not independently confirmed in the collected source account. For a company valued on expectations as much as present-day sales, the difference is more than a rounding exercise.

Discuss: Which matters more when judging OpenAI’s growth: its reported revenue run rate or the expectations built around it?

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