Oracle shares jumped as much as 8.27% to $143.57 on Tuesday before paring gains to trade 5.15% higher at $139.43 as of 12:08 p.m. EDT. The stock had fallen 3.28% to $132.60 on Monday, extending its losing streak to four sessions.
The sharp rebound came after reports that OpenAI’s annualised revenue run rate is approaching $70 billion, highlighting the rapid commercial expansion of the artificial intelligence company and its growing demand for computing infrastructure.
According to Axios, OpenAI’s annualised revenue run rate has risen more than 70% since the start of the third quarter. Reuters separately reported that the figure is nearing $70 billion, driven by enterprise sales that have more than doubled since July. OpenAI’s consumer revenue generated in the third quarter has also already exceeded its total consumer revenue for 2025, Reuters reported.
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The latest figure represents a sharp increase from the roughly $40 billion annualised run rate reported just last month, underscoring the speed at which OpenAI’s commercial business is expanding.
Why Oracle Shares Are Rising
Oracle has emerged as a key public-market proxy for OpenAI because of its deep infrastructure relationship with the AI company.
OpenAI, Oracle and SoftBank are developing large-scale AI data centres under the Stargate initiative. In September 2025, the companies announced five new US data centre sites, taking planned Stargate investment to more than $400 billion over three years and capacity to nearly 7 gigawatts. The broader Stargate commitment is $500 billion and 10 gigawatts of capacity.
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Oracle and OpenAI also announced an agreement in July 2025 to develop up to 4.5 gigawatts of additional Stargate capacity, representing a partnership worth more than $300 billion over five years, according to the companies.
The relationship makes stronger-than-expected OpenAI demand particularly relevant for Oracle’s cloud infrastructure business. Oracle’s AI infrastructure operations have become an increasingly important part of its growth story, although the company is also facing the substantial capital requirements associated with its data-centre expansion.
Oracle is not the only major technology company with significant financial exposure to OpenAI. Microsoft reported $24.1 billion in revenue from commercial arrangements with OpenAI, including revenue-sharing payments, during fiscal 2026. Microsoft also disclosed a long-term strategic partnership with OpenAI and an approximately 25% interest in the company on an as-converted basis.
OpenAI’s Revenue Growth Accelerates
OpenAI’s growth is being driven by multiple sources, including subscriptions, enterprise customers, its Codex coding product and advertising. The company’s advertising business alone reached a $1 billion annualised revenue run rate in less than 200 days after its launch, according to Axios.
However, the near-$70 billion figure is an annualised run rate based on recent performance rather than recognised annual revenue. OpenAI remains private, and the limited visibility into its cost base means the latest revenue milestone does not by itself indicate profitability.
The company is also preparing for a potential IPO, according to recent reports, making its rapidly rising revenue increasingly relevant to prospective public-market investors.
Anthropic Also Ramps Up
OpenAI’s growth comes as rival Anthropic accelerates its own expansion ahead of a potential public offering. Anthropic’s annualised revenue run rate crossed $65 billion at the end of July, according to figures previously reported by Axios and Bloomberg. Its second-quarter preliminary revenue exceeded $11.5 billion, more than doubling from the first quarter.
Reuters reported on Tuesday that Anthropic’s confidential IPO prospectus discloses plans for at least $518 billion in AI infrastructure commitments over the next decade. The commitments include large agreements with Google, Amazon and Microsoft, highlighting the enormous computing costs associated with scaling frontier AI models.
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