Analysts are flagging financial reporting practices at major AI companies like OpenAI and Anthropic that may inflate sales figures.
Tech giants including Microsoft, Amazon, and Google invest billions into these AI firms. These firms then use the capital to purchase cloud services and chips from their own investors. This circular financing loop potentially obscures the true level of organic customer demand.
Leading AI labs also employ conflicting accounting methods for revenue generated through cloud partnerships. Anthropic reportedly records gross revenue from sales via partners like Amazon and Google. Conversely, OpenAI reports net revenue after deducting Microsoft's share. These discrepancies complicate financial comparisons for investors ahead of potential public offerings.