OpenAI accelerates revenue to $40 billion: record pace amid personnel turbulence
OpenAI is demonstrating impressive financial momentum: the company's annualized revenue run rate (ARR) has reached $40 billion. This figure is double the forecasts for the end of 2025 and becomes a key argument ahead of a potential initial public offering (IPO). However, alongside this financial triumph, the company is facing a wave of resignations in its senior leadership, adding uncertainty to the process of preparing for its stock market debut.
The main drivers of this growth are three areas. The number of ChatGPT subscribers continues to increase, sales of specialized software for developers are growing at a faster pace, and the young advertising business is already making a tangible contribution to overall revenue. Company President Greg Brockman told employees that revenue in July grew by more than 20% compared to June. Notably, July's revenue alone exceeded the figures for the entire second quarter.
What's behind the record pace
New pricing policy also played a role. In July, OpenAI reduced the cost of services for clients, betting on economies of scale. More affordable products attracted new corporate customers, and the expected revenue decline did not materialize. AI agents—specialized systems for task automation—provided additional momentum. Codex, aimed at programmers, and ChatGPT Work for office teams are pushing clients to upgrade to more expensive plans.
Chief Financial Officer Sarah Friar previously forecast that revenue would exceed $20 billion by the end of 2025. Now, management expects to derive half of its income from corporate clients by the end of the current year. OpenAI is not commenting on the new figures, but the $40 billion number looks quite realistic given the momentum of recent months.
Personnel changes and IPO preparation
In the coming weeks, Chief Revenue Officer Denise Dresser is leaving the company. She joined OpenAI from Slack in December 2025 and worked for about eight months. Global sales will be led by Dali Rajic, who previously served as president and chief operating officer at cybersecurity company Wiz.
Dresser's resignation follows the departure of Brad Lightcap, part of whose responsibilities were planned to be transferred to her. A month ago, Fiji Simo also left the company for health reasons. In recent months, OpenAI has also lost its head of ethics, its head of the safety division, and its former chief strategy officer. Greg Brockman has taken on some management functions to stabilize the situation.
Preparation for the stock market listing is in full swing: OpenAI has filed for an IPO in confidential mode and recently bought back $7 billion worth of employee shares using its own funds. Meanwhile, competitor Anthropic plans to go public as early as October with a valuation exceeding $2 trillion. OpenAI's final valuation will depend on whether revenue growth outweighs personnel risks.
My view: OpenAI's financial metrics look impressive, but the leadership shake-up is a serious signal for investors. Management team stability is critically important ahead of an IPO, and the current situation could become a factor putting pressure on the company's valuation. However, if revenue momentum continues, the market will likely forgive these growing pains.