OpenAI accelerates revenue pace to $40 billion amid personnel reshuffling ahead of IPO
OpenAI is demonstrating impressive financial momentum, doubling its annualized revenue run rate (ARR) to $40 billion. This figure, achieved by August 2026, is more than double the forecasts announced by management in late 2025. However, alongside this financial growth, the company is facing significant executive turbulence: key top managers are leaving their posts ahead of a potential initial public offering (IPO).
Three Drivers of Phenomenal Growth
An analysis of the revenue structure shows that three areas make the main contribution. First, the number of ChatGPT subscribers continues to grow, ensuring a steady inflow of funds. Second, sales of developer tools, particularly Codex, are rapidly increasing. Third, the young but fast-growing advertising business is already generating tangible revenue.
The dynamics of July deserve special attention: company president Greg Brockman confirmed revenue growth of more than 20% compared to June. Notably, this month turned out to be more productive than the entire second quarter. The price cuts implemented in July not only failed to lead to a decline in revenue but also attracted new corporate clients, refuting the concerns of skeptics.
Additional momentum was provided by AI agents—specialized systems for task automation. Products like Codex and ChatGPT Work not only increase the value of the offering for clients but also drive upgrades to more expensive pricing plans.
Executive Changes and IPO Preparation
Against the backdrop of financial success, the company is being left by Chief Revenue Officer Denise Dresser, who worked at OpenAI for about eight months. Her position will be taken by Dali Rajic, who previously headed the cybersecurity company Wiz. This is not the first loss in leadership: OpenAI recently saw the departure of Chief Operating Officer Brad Lightcap and Fiiji Simo, as well as several heads of ethics and safety departments.
Staff turnover is a worrying signal for investors, especially in the context of IPO preparation. The company has already filed for a confidential listing and bought back employee shares worth $7 billion. However, a serious competitor looms on the horizon: Anthropic plans to go public as early as October with a valuation of more than $2 trillion, creating additional pressure on OpenAI.
My view: Doubling ARR to $40 billion is undoubtedly a strong fundamental indicator, demonstrating the scale of demand for AI technology. However, ahead of the IPO, the market will assess not only financial metrics but also the stability of the management team. Systematic departures of key figures could become a factor that investors build into a discount on the company's valuation, despite the impressive growth rates.