OpenAI valuation slips over 4% as CoreWeave shares sell off, report says
In brief
- OpenAI's valuation slipped more than 4%, per CNBC data cited by Crypto Briefing.
- Anthropic's valuation rose 2.4% over the same period, the report said.
- CoreWeave shares fell 7.77% on October 8 and more than 15% on October 14.
- CoreWeave's debt load sits between $35 billion and $52 billion, according to Crypto Briefing.
The CoreWeave sell-off
The selling started on October 8, when AI infrastructure and chip stocks took the hit. CoreWeave fell 7.77% to around $81.58 that day, according to Crypto Briefing. Oracle dropped about 5.5%. Nvidia gave up roughly 3%.
October 14 was worse. CoreWeave's stock dropped more than 15% as rising bond yields and persistent inflation worries piled on, the outlet reported.
The two companies are linked commercially. Crypto Briefing described CoreWeave as one of OpenAI's most important infrastructure partners and reported that it holds contracts with OpenAI worth up to approximately $22.4 billion, along with a $104 billion backlog tied to its primary customers.
Debt is the pressure point
Crypto Briefing estimated CoreWeave's debt load at between $35 billion and $52 billion (it depends on how you measure it). Its interest expense in the second quarter came to $640 million, and that debt is backed in large part by expected future revenue.
That's leverage resting on revenue that hasn't arrived yet.
The outlet's own analysis suggested CoreWeave's elevated debt could make prospective investors more cautious about high-debt AI infrastructure firms. It didn't say who did the research behind that view.
OpenAI's revenue math
Separately, Crypto Briefing reported that OpenAI told investors in early October its annualized revenue run rate was approximately $50 billion as of the end of September. Earlier estimates had pegged it at $68-70 billion. According to the report, the difference comes down to method: the higher figures reflected gross revenue including partner contributions (used for comparisons with competitors like Anthropic), while the roughly $50 billion figure is the net version that strips those out.
OpenAI also reported 77% growth in the third quarter, the outlet said.
Its most recent funding round valued the company at $852 billion and raised $122 billion, with Amazon and Nvidia among the investors, per Crypto Briefing. The report added that OpenAI is eyeing a public listing in 2027. Neither detail has been confirmed here beyond that reporting.
Frequently asked questions
Why are there two different OpenAI revenue run-rate figures?
Crypto Briefing reported that earlier estimates of $68-70 billion reflected gross revenue including partner contributions, a method used for comparisons with competitors such as Anthropic. The roughly $50 billion figure OpenAI reportedly gave investors is a net number that strips those contributions out.
How is CoreWeave connected to OpenAI?
CoreWeave is an infrastructure partner to OpenAI. According to Crypto Briefing, it holds contracts with OpenAI worth up to approximately $22.4 billion and has a $104 billion backlog tied to its primary customers.
