OpenAI accelerates revenue to $40 billion amid personnel turbulence ahead of IPO
OpenAI's growth pace is impressive: the company's annual revenue has reached $40 billion, double the forecasts for the end of 2025. However, such a powerful financial momentum is accompanied by a series of high-profile departures from top management, adding intrigue ahead of the anticipated IPO.
What is fueling the explosive growth
Three areas have become key drivers. The number of ChatGPT subscribers continues to grow, software sales to developers are increasing at a faster pace, and the new advertising model is already generating tangible revenue. Based on my data, July's revenue growth exceeded 20% compared to June, and the month itself was more productive than the entire second quarter.
A pricing policy adjustment also played its part. The reduction in service costs in July attracted new corporate clients, and the expected drop in revenue did not happen. Instead, the scale effect kicked in: cheaper products expanded the base, while AI agents—such as Codex for programmers and ChatGPT Work for office teams—pushed users toward more expensive plans.
Chief Financial Officer Sarah Fryer previously forecast revenue above $20 billion by the end of 2025. Now, management is aiming for half of revenue to come from corporate clients by the end of the current year. This is ambitious, but judging by the momentum, quite realistic.
Personnel changes: a warning sign or inevitability?
However, not everything is smooth. In the coming weeks, Chief Revenue Officer Denise Dressel, who has worked for only about eight months, is leaving the company. Her departure follows the resignation of Brad Lightcap, part of whose responsibilities were planned to be transferred to her. A month ago, Fiji Simo also left for health reasons.
These are just the latest links in the chain: over the past few months, OpenAI has also lost its head of ethics, the head of the safety division, and the chief strategy officer. Greg Brockman has taken on part of the management functions to stabilize the situation, but the question of succession remains open.
Preparation for the stock exchange is in full swing: the IPO application has been filed, and the company has already bought back shares from employees for $7 billion. Meanwhile, competitor Anthropic plans to go public as early as October with a valuation exceeding $2 trillion. The success of OpenAI's listing will directly depend on whether financial momentum outweighs personnel instability.
My view: Revenue growth to $40 billion is an undoubted success, but the turnover in the C-suite over such a short period is a serious risk for investors. The market forgives a lot when the numbers speak for themselves, but in the long term, management stability will become a key factor in valuation. OpenAI needs not only to show record figures but also to prove that the company can retain talent under conditions of exponential scaling.