By Bobby Sankhagowit
Publication Date: 2026-10-10 09:00:00
Key Takeaways
- OpenAI reportedly expects to reach or exceed $70 billion of annualized revenue by year-end, and investor Gavin Baker argues that growth which comes from taking share would hurt demand for AI infrastructure.
- Baker says open-weight tokens cost clouds the same compute as frontier tokens but earn them higher margins, because OpenAI and Anthropic have the leverage to push prices down.
- Microsoft brought in about 67% of CoreWeave’s 2025 revenue, and CoreWeave is locked into mostly long-term contracts, while Nebius has used short contracts to raise prices.
- Analysts expect Nebius’s revenue to climb from $530 million in fiscal 2025 to $23.0 billion in fiscal 2028, and CoreWeave’s next gross margin is the number to watch.
If you own Amazon (AMZN), Microsoft (MSFT) or CoreWeave (CRWV), OpenAI’s latest number probably looked like great news.
The ChatGPT maker expects to reach or exceed $70 billion of annualized revenue by year-end, up from roughly…
