OpenAI accelerates revenue to $40 billion amid personnel reshuffles ahead of IPO
OpenAI's revenue growth has reached an impressive $40 billion on an annualized basis. This figure doubles the results from late 2025 and serves as a powerful signal for investors ahead of a potential initial public offering (IPO). However, alongside this financial triumph, the company is experiencing significant leadership turbulence.
What is driving the explosive growth?
Analysis shows that three key areas have made the main contribution to this surge. First, the ChatGPT subscriber base continues to grow. Second, sales of developer tools such as Codex are increasing rapidly. Third, the advertising business, which until recently seemed experimental, has begun to generate tangible revenue.
Company President Greg Brockman told the team that revenue grew by more than 20% in July alone compared to June. Moreover, this month brought in more revenue than the entire second quarter. The success was also aided by a new pricing policy: lowering service costs for corporate clients not only failed to reduce revenue but also attracted new customers, disproving pessimistic forecasts.
AI agents provided an additional boost. Products like Codex and ChatGPT Work automate routine tasks and push users toward more expensive plans. This is a classic upselling strategy that works flawlessly.
Chief Financial Officer Sarah Friar previously projected revenue of $20 billion by the end of 2025. Now, management is setting a goal to derive half of its revenue from corporate clients as early as this year.
Management reshuffling as a risk factor
Despite the impressive numbers, all is not calm within the AI industry leader. In the coming weeks, Chief Revenue Officer Denise Dresser, who has worked at OpenAI for only about eight months, is leaving the company. Her departure comes amid the resignation of Chief Operating Officer Brad Lightcap and Fiiji Simo, who stepped down for health reasons.
These are just the latest links in a chain of personnel losses: over recent months, OpenAI has also been left by the head of ethics, the head of the safety division, and the former director of strategic development. Greg Brockman has taken on some management functions in an attempt to stabilize the situation.
Preparation for the stock exchange is in full swing: the company has filed for an IPO in confidential mode and recently bought back $7 billion worth of shares from employees using its own funds. However, a competitor looms on the horizon—Anthropic, which plans to go public as early as October with a valuation of over $2 trillion.
My view: OpenAI's revenue growth is impressive, but the staff turnover in key commercial and operational roles is a warning sign. Investors will assess not only financial metrics but also the company's ability to maintain management stability amid rapid scaling. If the turnover continues, it could become a serious argument for lowering the valuation at the IPO.