OpenAI accelerates revenue pace to $40 billion: record figures amid personnel reshuffles
OpenAI is demonstrating impressive momentum: its annualized revenue run rate (ARR) has hit $40 billion, doubling figures from late 2025. However, alongside this financial triumph, key executives are leaving the company, adding intrigue ahead of a potential IPO.
Drivers of Record Growth
Analyzing the structure of this explosive growth, I highlight three key areas. First, the ChatGPT subscriber base continues to expand. Second, sales of developer tools focused on code-related work are growing rapidly. Third, a young but already noticeable advertising business is making an increasingly tangible contribution to overall revenue.
Company President Greg Brockman confirmed to staff that revenue in July alone grew by more than 20% compared to June. This is an extraordinary result, especially given that July brought in more revenue than the entire second quarter. Such momentum cannot help but impress.
Adjusted pricing policy also played a significant role. The reduction in service costs in July, made possible by optimized business processes, not only failed to trigger a revenue decline but also attracted new corporate clients. The expected downturn did not occur—on the contrary, we are seeing acceleration.
AI agents provided additional momentum. Specialized solutions such as Codex for programmers and ChatGPT Work for office teams are actively pushing clients to upgrade to more expensive pricing plans.
Executive Turbulence and IPO Prospects
Amid these successes, significant personnel changes are underway. Chief Revenue Officer Denise Dressel, who has been with OpenAI for about eight months, is leaving the company in the coming weeks. Her position will be taken by Dali Rajic, who previously led cybersecurity company Wiz.
This is just the latest in a series of executive departures. Previously, Chief Operating Officer Brad Lightcap and Fidji Simo left the company. Turnover at the top level has long been a trend for OpenAI, but it is now occurring at a critical moment for the company.
Preparation for the initial public offering is in full swing. The company has already filed for an IPO in confidential mode and bought back $7 billion worth of employee shares using its own funds. This is a powerful signal to the market of readiness for the public stage.
My take: Doubling ARR to $40 billion is undoubtedly a strong fundamental indicator that strengthens OpenAI's position ahead of its stock market debut. However, the rotation of key managers at such a critical moment is a warning sign for investors. The company's market valuation will largely depend on whether it can convince the market of management stability, not just impressive revenue growth rates. Given that competitor Anthropic is also preparing for an IPO with a valuation exceeding $2 trillion, the battle for investor trust promises to be intense.