Full Breakdown
OpenAI Misses Internal Growth Targets, Raising Questions Over Data-Center Funding and IPO Plans
4/28/2026, 8:20:48 PM
Missed Growth Targets Prompt Financial Scrutiny at OpenAI
On April 28 2026, *The Wall Street Journal* reported that OpenAI missed its internal targets for weekly active users and revenue, falling short of the 1 billion weekly active ChatGPT users goal for the end of 2025 and several monthly revenue milestones earlier in 2026. The shortfall has raised concerns about the company’s ability to meet long-term data-center contracts.
Accelerated Infrastructure Spending and Revised Compute Outlook
Since 2022, AI firms have accelerated infrastructure spending. OpenAI secured a $300 billion, five-year Oracle partnership, a $100 billion Nvidia deal and a $38 billion Amazon collaboration. Future compute spending is now projected at roughly $600 billion through 2030.
Key Executives and Partner Organizations
CEO Sam Altman drives the compute expansion, while CFO Sarah Friar warns of revenue slowdown. Major partners include Microsoft (strategic backer), Oracle, Nvidia, Amazon, CoreWeave, SoftBank, Broadcom and Arm Holdings.
Data and Statistics
OpenAI missed its 1 billion weekly active user target. 2024 revenue was about $6 billion; internal models project $25 billion by early 2026. A March 2026 round raised $122 billion, valuing the firm at $852 billion. Oracle shares fell 3.4%.
Why It Matters
The missed targets cast doubt on OpenAI’s capacity to fund its compute contracts, potentially delaying a IPO that could value the company above $1 trillion and affecting partner stocks.
Official Statements and Responses
Altman and Friar said they are aligned on buying compute and called any claim of internal disagreement “ridiculous.” Friar warned that a revenue slowdown could jeopardize future compute contracts, prompting tighter spending discipline. The board has heightened scrutiny of data-center deals.
Criticism and Opposition
Analyst Jordan Klein (Mizuho) questioned the timing of the report relative to the March funding round, suggesting the slowdown may be overstated. Luke Rahbari (Equity Armor) called the revenue miss a “distraction.” Allan Small (Allan Small Financial) said concerns reflect competition, not a sector-wide slowdown.
Conflicting Reports and Gaps
Sources differ on OpenAI’s future compute commitment—$600 billion versus an earlier $1.4 trillion estimate. Deal values also vary, with a $300 billion Oracle contract and a $500 billion “Stargate” pact. No data confirm the 1 billion user goal.
Verbatim Quotes
- “This is ridiculous. We are totally aligned on buying as much compute as we can and working hard on it together every day,” — Sam Altman and Sarah Friar, joint statement to CNBC
- “You would assume any slowing was known by the investors, right? If not, shame on OAI,” — Jordan Klein, TMT sector specialist, Mizuho
- “OpenAI missing its revenue targets is, in the grand scheme, a distraction,” — Luke Rahbari, CEO, Equity Armor Investments
- “that the industry is slowing down, it just means that perhaps there's just more competition,” — Allan Small, senior investment advisor, Allan Small Financial Group
What’s Next
OpenAI plans to file its IPO registration later in 2026, pending board approval of cost-control measures. It will renegotiate compute contracts and monitor partner earnings for sector impact.
